Super and your will. Why you need a Binding Death Nomination

Did you know that your Super Fund is not automatically classed as an Estate asset upon your passing and does not always get distributed to the beneficiaries of your Will?

Why wouldn’t your super get distributed in accordance with your Will like your other assets?

Any super funds are not held by you in your own right, but held on trust by your Super Fund for you.

This means that regardless of how you intend for your assets to be distributed in your Will, any funds held on trust are to be distributed in accordance with any trust deed or for the case of a super fund, at the discretion of the super fund trustee. You may have done a non-binding death nomination with your super fund, but as the name suggests, this is non-binding!

What does this mean for you and your Super?

This means that regardless of what your Will says, the trustee of your Super Fund has the power to determine who is to receive your super upon your passing. This means it may be paid to someone you did not wish for it to be paid to or not distributed how you wished for it to be distributed.

Is there anything you can do to ensure it is distributed how you wished?

Yes there is! If you would like more information on how to protect your super, or need assistance with your Estate Planning, be sure to make an appointment with Trish and the team at Wollerman Shacklock Lawyers. Trish goes through a thorough and comprehensive Estate Planning Health Check with you to understand your objectives, and then provides you with the right advice to ensure your Estate Plan matches your objectives and ensures no stones are left unturned.

It is crucial to get legal advice on these different aspects before making a Will. When we prepare a Will, we also provide you with advice on this, along with other areas that need be considered too. If you need to make a Will, update your existing Will, or just want advice on exiting Will, contact us today !