Who will get your super? Unfortunately, that is a question that many fail to address.
Having a will does not resolve this issue. A will dictates what happens to your personal assets. As super is held in trust, your will cannot dictate where your super will go.
In order to set out to whom you would like your super to go, you need to make what is called a death benefit nomination. There are three kinds of death benefit nominations. Each type has its merits and disadvantages. The best one for you depends on your position and what you would like to happen.
What is best for you is often complex, particularly when there are self managed super funds and trusts (where the issue of on-going control is important). Furthermore the tax considerations can be a major factor in determining the best way to leave what assets to what people. This is all best discussed with a financial planner and skilled estate planning lawyer. Please ask us for a referral.
At MRS, we will spend today planning for your success.