Potentially, yes! Superannuation is dealt with a bit differently to your other assets in the context of your estate planning. If you are not careful, your superannuation might end up with someone who you don’t want to receive it after your death. That is why it’s crucial to get good estate planning advice when making a Will or making a beneficiary nomination for your superannuation.
In most cases, you can nominate who you want to receive your superannuation death benefit but your nomination will only be effective if you get it right. This is really important, particularly if you also have life insurance through your superannuation – there could be very large insurance sums involved, even if your actual superannuation account balance is low.
Superannuation death benefits can generally only be paid to:
- A person who qualifies as a “superannuation dependant”; or
- Your legal personal representative (i.e. your executor – meaning the money comes in to your estate and your Will then determines who ultimately gets the money).
Read more here: