Your superannuation death benefit entitlements can be significant. However, many people are not aware that their superannuation death benefit entitlements do not necessarily fall into their estate to be distributed in accordance with their Will.
Superannuation is held within a trust and until such time as it is paid out of the trust to an individual, it is legally owned by the trustee.
How superannuation entitlements are dealt with upon a person’s death largely depends on the terms of the trust establishing the superannuation fund and what nominations have been made by the person during their lifetime (and whether these nominations are binding or not).
Below is an interesting article about the consequences of not nominating a beneficiary for your superannuation entitlements.
When drafting your Will we always discuss your superannuation entitlements as part of a comprehensive assessment of how your testamentary wishes can be fulfilled.