It might surprise many people to know that Superannuation death benefits do not automatically pass to one’s estate upon their passing. In fact, if there is not a Binding Death Nomination is in place at the time of a deceased person’s death, there is a significant amount of discretion available to the Trustee of the Superannuation Fund to determine how any Death Benefit should be distributed.
When this situation occurs, it is often necessary to apply to the Superannuation fund to seek a disbursement of the Superannuation in a particular manner, for example to the Estate of the Deceased or directly to the Deceased’s spouse or children. In these circumstances, there is no guarantee that the fund will divide the Superannuation in the requested manner. As such it is important to put forward relevant submissions to give the Superannuation fund a realistic overview of the preferred beneficiaries position.
Forge Legal have had extensive experience dealing with multiple Superannuation funds. We are well versed in knowing the various policies and criteria that must be satisfied which differ between each of the various Superannuation funds. If you need any assistance regarding your superannuation needs, whether it be dispersing a loved one’s superannuation upon their passing, or instigate a Binding Death Nomination, contact us today to discuss how we can help you.