If you are like many people across Australia, you may have a superannuation fund that is either provided through your employer or self-administered. This fund can provide cash during retirement and a variety of other benefits, including a payout on the event of your death. Yet it is important to pay attention to the details and look carefully at the individual fund trust deed, to make sure that your needs will be adequately met in the event of something untoward. You may need to take additional action so that your loved ones are protected when you pass. So what do you need to do?

Trustee Decision

A superannuation fund may be controlled by a trustee, who might have to make decisions in the event of your death. You may not have left clear instructions or made any particular nomination, so it is not always as straightforward a process, and confusion can arise.

Binding Nomination

To be as clear as possible, you should complete a binding death benefit nomination form and this will outline exactly what should happen when you pass. You can ensure that your loved ones receive the balance of your superannuation fund together with any death benefit payable after your untimely demise.

Renewal Time

If you do create such a nomination, you may need to renew it in line with the regulation or specific fund requirements. Make sure that you don't forget this as otherwise, you could be back at square one.

Setting up an Enduring Power of Attorney

While you can get an attorney to help you with the death benefit nomination, you should also ensure that you have an enduring power of attorney with them. If this is carefully worded, then they'll be able to take action on your behalf if you become incapacitated or were unable to make decisions for some reason. Just check the fine print of your superannuation fund trust deed to see if they will allow your power to be delegated to an attorney.

Looking at the Small Print

When you draft your will, you will want to outline how your estate will be split among your dependents and how various assets will be distributed. Don't automatically assume that this will cover your superannuation fund, however, and remember to look at the small print in the fund document. An expert attorney will advise you in these areas and draft the appropriate paperwork for you.

To learn more, reach out to a local wills and estate solicitor.