This is what happens to your super when you die

One of the most important things to check in your superannuation account is your beneficiary nomination.

Many people set up their super, nominate a beneficiary and never think about it again. But the type of nomination you have can make a big difference.

A non-binding nomination gives the trustee of your super fund discretion over who ultimately receives your super benefits when you pass away.

A binding nomination means the trustee is legally required to follow your wishes, provided the nomination is valid and up to date.

This can be particularly important in blended families, complex family situations or when you want certainty around where your super will go.

It’s also worth understanding that superannuation doesn’t always form part of your estate and different tax rules can apply depending on who receives the money.

A quick review of your beneficiary nomination today could save your family a lot of stress in the future.

General advice only.

Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).

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