A Will is an important document that arranges for the distribution of a person’s assets after their death. Without a Will there is no way of knowing or enforcing the wishes of the deceased person.
It is important to be aware that superannuation acts independently to the Will, and it is therefore essential that your beneficiaries (binding nominations) reflect the instructions provided for in your Will with your superannuation trustee.
In the below article, the father failed to update his superannuation to reflect his wishes in his Will, and as a result his superannuation went to his new partner and not his children.
This article is a reminder that having an up-to-date Will is essential, and that as superannuation does not form part of your Will, ensuring your beneficiaries are up to date is imperative if you want to be sure your hard-earned money goes to those you love.
If you’re concerned that you Will and superannuation do not reflect your wishes for your estate, contact us to arrange an appointment to prepare or update your legal Will on 08 8113 3111 or firstname.lastname@example.org.