How does superannuation factor into estate planning?

Date: Oct 24, 2013

If you're in the process of estate planning, you should spare a thought for your superannuation fund.

This is not considered part of your estate, so it won't be included in your will.

Instead, you will have to select a trustee, who can determine how your superannuation is distributed after your death.

This trustee should be someone you know will respect your wishes. It is common to choose a trustee from among your dependants, such as your spouse or children, for this reason.

To avoid possible estate disputes, you may want to investigate binding death benefit nominations. This will ensure you have some control over who your trustee distributes your superannuation to.

A binding death benefit nomination is basically a written document that outlines exactly who you want to receive your benefit when you die. You can amend this at any time, just like a will, if your circumstances change.

It still has to be received and accepted by your chosen trustee.

It's a good idea to talk to a professional before you make any decisions regarding your superannuation fund.

If you would like some advice on the subject of superannuation and estate planning, or need to dispute a will, Craddock Murray Neumann can help you.