Estate planning and deceased estates involving superannuation
Given the length of time superannuation contributions have now been compulsory and given superannuation has become such a tax effective savings and investment vehicle for the average Australian it is not surprising that an increasing proportion of people’s wealth is held in superannuation. While the Acts and Regulations governing superannuation are constantly changing it is always surprising how little most clients know and understand about their superannuation and how it will be dealt with upon their death.
Superannuation is a trust and therefore interests held in superannuation are not personally held assets and are not necessarily dealt with by a Will. It is vitally important that clients understand that having a Will might not be sufficient to ensure the benefits paid from their superannuation are received by their intended beneficiaries.
This paper discusses how superannuation should be dealt with as part of a comprehensive estate plan and as part of a deceased estate.