A common question we receive here at Cameron Rogers and Co is whether you can leave superannuation in your Will. It is widely mistaken that Superannuation is owned by the Will maker and can be distributed along with the rest of their Estate. As Super is not technically considered an asset, it is commonly misunderstood how it can be distributed to beneficiaries.
How can you bequeath your Superannuation?
We strongly advise our clients to consider directing their super benefit to their Estate so it can be dealt via a Testamentary Trust. This type of trust is established as part of your Will and offers more options than simply relying on a standard Will. The benefits of leaving your superannuation benefits within a Testamentary Trust include:
- Protection of your assets;
- Tax benefits for both non-tax dependants and tax dependants;
- Greater control and flexibility in how your assets are distributed to your intended beneficiaries.
Choosing the right beneficiary.
Testamentary Trusts are suitable for a number of different family and beneficiary situations. In a general sense, your spouse (including your life partner), children of any age, or financial dependant can receive your super benefits from your super fund. Depending on your circumstance, you may wish to exclude these persons from receiving your super benefits after you pass. Making your Estate the beneficiary will allow the super benefits paid to the Estate and will be paid out in accounts to your Will, ensuring your Super is distributed in accordance to your wishes.
By taking a careful and considered approach to preparing your Will by taking into account your Superfund, there are significant benefits to your loved ones after you pass. Cameron Rogers and Co have decades of experience working with Wills and Estates, ensuring your peace of mind with comprehensive Legal advice.
Contact us now on 07 5445 1213 or book a consultation through our website.