News

31 August 2016

Self-managed super funds – What happens when a member dies?

It might seem alarming to some that superannuation is not automatically an asset of your estate and therefore is not (in the usual course) controlled by the provisions in your will.

If a member of a super fund does not have a binding death benefit nomination in place to direct who they would like their death benefit to go to in the event of their demise, the trustee of the super fund can decide how and to whom the benefit will be paid.  This can lead to costly court action if there is a dispute over the payment of a death benefit that cannot be resolved.

This short clip from the Australian Taxation Office illustrates what happens on the death of a member of a self-managed super fund.  To help you get your superannuation binding death benefit nomination sorted, please contact our wills and estates solicitor, Bianca Stafford on 4036 9732 or biancastafford@millerharris.com.au.

Australian Taxation Office video

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