Superanuation and Your Will

Author : denembrooz
Publish Date : 2020-11-30


Superanuation and Your Will

What happens if a spouse passes away and hasn't left any beneficiary on his superannuation? Does it help if their Will is a mirror will of yours? Does that naturally qualify you for their superannuation as well?

Important questions and the following should help people understand the relevant issues. You should also be clear that this article refers to the current situation in New South Wales, Australia; laws differ from state to state and country to country.

Individuals frequently expect that their superannuation is part of their estate when they pass away. The same as any real estate, articles of value or cash in the bank. This is not always the case. Sadly, unless an individual's will names their estate as the beneficiary of their superannuation, the dispersion of the superannuation will be at the discretion of the trustee of the superannuation fund. The trustee is only bound to the terms of the trust deed or the will, if it names the estate as beneficiary. Even if the estate is named as the beneficiary of the superannuation fund, the trustee may still decide to ignore it and focus on the trust deed of the fund.

Sometimes a spouse doesn't designate his Estate as the beneficiary of his superannuation. Sometimes they also haven't set up any binding or non binding assignments on the trustee of the Superannuation Fund. These would normally set out who was to get the superannuation and by definition are binding or not.

A binding nomination is the best way to go to be confident that your superannuation goes where you want it to. The trustee of the fund is bound to distribute the fund assets according to the binding nomination.

A non-binding nomination simply list the people you would like your funds to go to. The trustee is not bound to follow these instructions. They can include any dependents you had at the time of your passing including family, spouse, child or other person.

If your spouse has passed away without a binding superannuation nomination, you should appoint legal counsel at the earliest opportunity. Counsel will review the superannuation trust deed to assess how the trustee can disperse the superannuation. Your legal counsel will also be able to negotiate with the trustee for your entitlement. The fact that you can show mirror wills goes a long way to support your claim.

To sum up, it is always good practice to consult legal help when writing a will, dispersing a will or challenging a will. This assures you and your loved ones that your intentions are followed as closely as possible.

To write a will or to get advice on contesting a will or if you need to go through probate for a will go to

 

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