Superannuation can sometimes be the largest asset you have when you die. Superannuation does not automatically form part of your estate under your Will. Instead, you need to complete a Death Benefit Nomination with your nominated superannuation fund. This nomination is a written direction to the trustee of the fund, advising them of who your death benefit is to be paid to upon your death. It is important to have a binding nomination, because without one, when you die, the trustee of the super fund can decide to whom the benefit will be paid – this could in turn be against your wishes.
It is important to obtain expert advice as you can only nominate a very limited class of people to receive your superannuation benefit, despite many superannuation funds allowing you to choose beneficiaries who do not fall into this classes.
If you have completed a nomination in the past you should get an expert to check your nomination, as often superannuation funds do not tell you if you have nominated an invalid person. If you choose a beneficiary who is not able to receive your superannuation, then the gift to them is not valid and your superannuation death benefit may be received by someone you would not have otherwise chosen.