Your Superannuation And Your Children: One Thing You Really Should Know

OK, here is a bit of a morbid one and it is something most people don’t like to think about but have you thought about what will happen to your superannuation should you die? Most people assume that their superannuation will pass to their beneficiaries as per their will, but this is not necessarily the case.  In fact, your superannuation does not always automatically form part of your estate should you die.  Surprised?

This is because superannuation is held in a trust structure and a Trustee manages your superannuation money on your behalf.  Who this is depends on the type of fund you have.  For an employer scheme this is often a large institution, for self managed funds, it could be a person or a private company.  When a member of the fund dies, the trustee of the super fund often has discretion to pay out the entitlements as the Trustee sees […]