But I have a Will ...

Your Will probably doesn't cover your Superannuation

Many people don't realise that their Will doesn't dictate what happens with their superannuation.  In most cases, with most superannuation funds, the Board of Trustees decides what happens with your superannuation and they rely upon their own processes and their own forms to make that decision.  Some superannuation funds allow you to make 'binding' nominations, some do not.

You need to contact your superannuation company and ask for a binding death benefit nomination.  You need to fill it out, properly, with appropriate witnesses, and return it to your superannuation company.  Then you need to update your nomination every three years, regardless of what the superannuation company tells you, regardless of whether or not they claim it is 'binding'.

 

 

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