Keeping on top of tax obligations and managing day-to-day finances can leave us being relatively passive when it comes to double-checking superannuation details. Monitoring the balance is often the main concern. However, there are also other important matters that need attention. While you are making sure the details in your super fund are complete and accounted for (including having adequate insurance cover), you should also ensure you have selected a nominated beneficiary in the event of your death. Depending on your fund, this can be one or several people. While those who are under the age of 45 may think this doesn’t concern them, your dependents may not agree if the unthinkable happens. If you fail to nominate a beneficiary on your super forms, your super fund may have the discretion to decide who receives the payment, regardless of what you have nominated in your will. This is because superannuation operates outside of any allowances you may have documented in your will.
We work with lawyers to ensure all aspects of your estate planning are managed to your benefit. If you need to review contingencies for your family business, your personal finances, or your legal will, please get in touch and our expert team can make sure all the boxes are ticked for your future security.