Wills & Estate Planning
we're here for all advice on your superannuation
For many retirees, superannuation can be their biggest asset after their home or any other real estate they may own. It is generally assumed that it is dealt with under one’s Will when they pass away but superannuation death benefits do not automatically form part of an estate and cannot be dealt with primarily through a Will.
A Will only covers personal assets you own, not including superannuation. Thus, if you wish to direct your super to someone upon your death, you must sign a Binding Death Benefit Nomination (BDBN). If you pass without signing a nomination, the super is usually paid at the discretion of the trustee of the superannuation fund. A BDBN can either be lapsing or non-lapsing. Lapsing nominations must be renewed every three years, while non-lapsing nominations will stay in place until the trustee receives a new or updated nomination.
At Burgess Thomson we can help to witness and guide you through making a death benefit nomination. You can nominate your legal representative, us, as the beneficiary of your superannuation money, which will then be distributed according to your Will. In order for this to take effect, you must include a superannuation clause in your Will and keep the Binding Nomination and the beneficiaries in your Will up to date.
Arrange a consultation with our specialist Wills & Estates Lawyers in Newcastle.
What is a binding death benefit nomination?
What happens if you do not make a Binding Nomination?
Who can I leave my superannuation money to?