Superannuation Death Benefits
When a member of a Super fund dies, their entitlement to the assets of a fund is called a death benefit. These benefits must be transferred out of the Super fund and it's important for a member to understand what their benefits are and how they will be paid.
Most funds let you nominate who you want your death benefit to be paid to, but this can only be done strictly in the accordance with the trustee of the fund.
Many funds have a set form for the making of nominations. It is important to ensure that your your nomination is binding on the trustee of the fund and to understand that in many cases nominations will lapse after three years and need to be renewed.
Whether you elect a nomination or, a death benefit can only be made to the executors of your estate or one or more of your dependants.
There are often good reasons to make a binding death benefit nomination with one or more of such dependants as part of a comprehensive estate plan.
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