Don't leave your super to chance

If you’re single, do you know where your super will go when you pass away?
A binding death benefit nomination can be an important tool to make sure your super is paid to the person or people you intend it to go to.
However, it needs to be set up correctly. Superannuation is treated differently from your estate, meaning it doesn't automatically follow the instructions in your will unless you direct it to your legal personal representative.
This can become especially important if you have an ex-partner, children under 18, or specific wishes around who should have control of your assets.
For example, directly nominating minor children may result in their guardian having control over the funds. In some situations, directing your super to your estate and having the right structures in place through your will may provide more control.
Superannuation and estate planning can be complex, so it's important to work with your financial adviser and solicitor to ensure your wishes are properly documented.
A well-structured plan can help give you confidence that your assets will be distributed the way you intend.
Always seek personalised financial advice based on your circumstances.
General advice only.
Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).