While no one likes to think about their own death, it’s important to have a legal plan in place to ensure your final wishes are carried out.
In the event of death, your superannuation fund generally pays a death benefit to a dependant or other nominated beneficiary. This can be paid either as a lump sum or as an income stream (if the beneficiary is a dependent of the deceased).
The nomination may be binding or non-binding, and although it will take your nomination into account, the trustees must ensure the nominated beneficiaries are entitled to receive death benefits under the trust deed and super law.
If a beneficiary hasn’t been nominated, the trustee may pay it to the deceased’s estate for the executor to distribute it according to the instructions in their will.
If you need assistance with matters relating to a superannuation death benefit, contact us at Namadgi Legal for expert advice.