Many people think that once they have a will every asset is taken care of.
Superannuation differs from most other investments as it’s not necessarily distributed via your Will when you die.
Ensuring the proceeds of your superannuation go to the person you want upon your death is relatively simple, yet often overlooked.
You are able to nominate the desired beneficiaries of your superannuation through your super fund.
Any beneficiary must be a dependant – defined under superannuation laws as a spouse, a child of any age or anyone who has an interdependency relationship – at the time of death or you can nominate your legal personal representative.
Non-dependants can only receive super death benefits via the deceased’s estate.
Importantly, your superannuation balance includes both your investment balance and any life insurance policy that may be held within the super fund. Therefore, it can be a reasonable sum of money.
Annual Superannuation statements are being released now, please check your insurance and your superannuation beneficiaries, or call us for a free health check.
Source: SPC Knowledge Centre