Many people do not realise they cannot easily bequeath that money to anybody, or a favourite charity, when they die.
Because superannuation is not necessarily considered part of your estate, Industry Super Australia’s director of advocacy Georgia Brumby said it was important to tell your fund who your beneficiaries were.
Sheridan said even if a person’s will states their intention for their estate to be split between friends, without the proper steps being taken, the superannuation fund trustee cannot legally provide the money to anyone but a dependent. A legal personal representative is the executor of the will or estate administrator or someone who has enduring power of attorney. This third option is important for people who want their superannuation to be paid to someone other than a partner or child.For a super fund to recognise a legal personal representative, people need a valid binding death benefit nomination, Sheridan said.
It means the superannuation money can go to friends, siblings, or even a cat shelter or art gallery, depending on their final wishes.Even if people legally nominate someone to receive their death benefit, it is important to note this is not a set-and-forget situation.
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