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Category » Wills

There were 6 articles found in this category:

• Q1 What’s the difference between a binding and a non-binding nomination?

  Most superannuation funds let you nominate who you want your death benefit paid to, either as a 'non-binding' or 'binding' nomination. A 'non-binding nomination' just guides the trustee, who still has the final say, especially if you have dependants but you nominate someone who doesn't financial ... Read more

• Q2 What happens to my super if I die?

  Dependants If you die while a fund member, the trustee must normally pay your life insurance benefit – the amount payable is typically your accumulated super savings plus insurance benefit, which might be fixed and depends on age – to one or more of your dependants, or your estate. ... Read more

• Q3 Can I leave my super pension to anyone?

  A pensioner may commence a pension with a ‘reversionary’ pensioner (normally a spouse). Under this scenario if the primary pensioner passes away the pension then automatically ‘reverts’ to the reversionary pensioner. If no reversionary pensioner is nominated then benefit ... Read more

• Q4 What are the consequences of dying without an up-to-date Will?

  If you die without leaving a Will (legally called dying ‘intestate’) or if your will has been incorrectly made, the law provides a set of rules saying how your assets are to be distributed. The intestate rules change from state to state and are regularly reviewed and so they may chan ... Read more

• Q5 If I’ve nominated my beneficiaries in my super plan, why do I need a Will?

  The Trustee of your superannuation fund will distribute your superannuation benefits to your beneficiaries or estate upon your death. Your Will gives instructions on other assets outside of your superannuation benefits. Read more

• Q6 Is a DIY Will from a Newsagent or downloaded from the web okay?

  This is only recommended if the finalisation of your estate is likely to be straightforward and relatively uncomplicated. If this is not the case, it would be more appropriate to make use of a solicitor, the Public Trustee or the services of a trustee company. Also note the quality of Will kits ... Read more