People are accumulating a lot of wealth within their super without realising a legally binding will won’t direct where that money goes after their death.

 

Even though you might have quite a good will set out that specifies who is going to inherit your money, that’s not binding on your superannuation.

 

This is a massive issue that Australians need to be aware of. You need to be aware that you have to address your beneficiaries within your super fund as well as having your own will for assets outside of superannuation.

 

For us, the first step for provision of estate planning is to recommend an individual to have a decent will, and that they use a legal provider to actually do that will rather than doing an off-the-shelf, do-it-themselves version.

 

Dependent upon their personal circumstances we may recommend with their superannuation that they have binding death nominations and that they carefully review those binding death nominations because that’s what determines who will inherit the money if you do pass away — your super.

 

If you require assistance with your estate plan, please get in touch with us to discuss your options.

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