It is likely that unless you have recently considered this you do not know.
We have previously written about the importance of a will, but as highlighted in The Advertiser today (9 January 2015) it is important that you make a comprehensive estate plan.
For young people especially a superannuation death benefit is often their greatest asset. The money in such that a benefit is not owned by an individual but is subject to the rules of the Superannuation Fund and often the discretion of the trustees of that Superannuation Fund as to where it is paid in the event of a death.
Unless you have a completed a valid and up to date binding nomination, a superannuation trustee must pay the money to a person or people they consider are your financial dependants.
In many cases this may not be the same as your wishes had you thought about it. For example, the trustee may consider your former defacto partner your dependant, or it may put the money into trust for your children and not allow the money to be used by your spouse to pay off your mortgage.
Every person’s case is different and it is important to get good quality legal and financial advice.
Call us on 8523 8400 or email us at firstname.lastname@example.org to discuss your superannuation and estate planning requirements.