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The short answer to this is no.
Most of us presume that if we sign a Will, all our assets will go to our beneficiaries when we die. This is mostly true … BUT, and this may surprise you, superannuation does not pass according to your Will. It is paid out in accordance with the rules set down by the law and your superannuation fund.
When someone passes away, their superannuation fund will make a decision about who the death benefits are to be paid to. They do this in one of two ways:
It is ALWAYS better that you nominate your own beneficiaries rather than depending on the super fund to decide and make their own choice.
If your nomination has been completed correctly, your fund is ‘bound by law’ to follow it, and must pay the death benefits exactly as you wished. Having a BDBN allows the payments to be finalised much more quickly than if you didn’t have one. This is advantageous for your beneficiaries.
Keep in mind these things in particular:
We always recommend that you talk to a solicitor (or your accountant or financial planner) about your superannuation. We usually do this when we are discussing a new Will but a one-off appointment to talk about super is always a good idea.
If you employ us to prepare your Binding Death Benefit Nomination forms and lodge them with the appropriate Super funds, we charge $165 inc gst per Super Fund.
We always recommend that people see an experienced lawyer when legal issues arise. Experience matters when you are seeking Estate advice. Everyone’s situation is unique. Make sure you obtain advice that is tailored to your situation.
O’Shea Dyer Solicitors have experienced Wills and Estate lawyers who are available to assist with Estate Planning and Estate Administration.
Call O’SheaDyer on 47 725 155. We would love to help.
When OSheaDyer Solicitors prepare your Will, we prepare your Enduring Power of Attorney for No Charge.
A Straightforward Will for a Single person - $440 inc gst
Straightforward Wills for a Couple - $770 inc gst
Receive your Enduring Power of Attorney Document for No Charge.
Discuss your situation in detail with our experienced
Wills + Estates Lawyer who will then prepare your documents.