Did you know that your superannuation does not form part of your deceased estate?
Many people consider that if they have made a will then they have taken care of all of their estate planning. They may even believe that their superannuation death benefits will be distributed in accordance with the terms of their will.
That is not necessarily the case and your superannuation death benefits will not be dealt with in accordance with the terms of your will or your other intentions unless you take special steps to ensure that this happens.
This is a critical part of estate planning for everyone, as for many of us superannuation may be the largest asset we have at the time of our death.
More alarmingly still, if you do not take care of your estate planning fully and properly, including putting in place proper provision for the carrying out of your intentions with respect to your superannuation, then the trustee of your superannuation fund has the discretion to decide who benefits from your super, provided its decision is “fair and reasonable”.
For complete advice about your estate planning needs and bringing all of your intentions to effect talk to us at Hansons Lawyers.