Just like your house and car, super can often be one of your biggest assets, especially if you’ve been in the workforce for a long time. But unlike some other assets, super and any insurance you may have aren’t automatically considered part of your estate. To determine where your super and insurance goes, you can make a nomination with your super fund. The person you choose to nominate is called your beneficiary.
This will depend on the type of beneficiary nomination you have, but generally* your nomination must be either:
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Tip: You can’t choose a pet or organisation as a beneficiary. |
In super, you can generally either make a binding or a non-binding beneficiary nomination.
Nominations can also be lapsing or non-lapsing.
In pension, in addition to the above nominations, you may also be able to make a reversionary beneficiary nomination.
A financial plan based on your joint goals and priorities puts you in control of your financial future.
While nothing can quite prepare you for all the changes ahead, there are a few simple things you can do now to keep your super ticking along if you’re taking time out from the workplace.
Most of us don’t like talking about death or thinking that someone close to us is going to pass away one day. But it’s helpful for loved ones to be more prepared and know what to expect in case something unexpected happens to you.