Superannuation!
It surprised me last year that not a single client I did their Will for realised that they did not own their own superannuation!
The owner of your superannuation savings is the Trustee of the Superannuation Fund.
Case of public funds such as CBU then it is the Trustee Company so nominated by CBU.
One thing for sure it’s not you!
Similarly with self-managed Superfunds (SMSF) the owner of the superannuation is the Trustee that you have nominated in your Superannuation Deed governing your Superfund.
Again, it is not you, personally.
The tricky bit is that the Trustee is governed by the Deed and unfortunately that Deed varies with each and every Superannuation Fund, including SMSF Funds.
Worse still, that Deed may be varied from time to time certainly as the law changes on Superannuation Funds.
That law is always changing - the politicians just can’t leave it alone.
The tricky bit then becomes, that if you don’t direct the Trustee by appropriate documentation as to what happens to your accumulated money and pension money, then the Trustee has a discretion, on a virtuall unfettered discretion on the latest case law, to leave that money as they see fit as guided by the general principles in the Family Provision Act claims and the Succession Act - usually?!
The way for you to control this is one of two ways -
If the Deed permits then you can leave your Superannuation Fund to your “legal personal representative” (those words have to be used, not simply “as per my Will” or “as my Will Executors direct”.
By a valid current Binding Death Benefit Nomination.
By “Binding” it must be in accordance with that as set out in the Deed - most Deeds nominate a style or form or process that has to be valid.
It has to be current - that means, that again the Deed may say they lapse every, say three years, and yours may have lapsed.
The “Binding Death Benefit Nomination” itself has to be clear, and in accordance with the Deed in those time frames.
Most persons, I’m realising, do not put their Superannuation into their Estate governed by their Will, but directly and only to their partner or spouse.
They may have other ideas, and “Estate Planning” instructions that deals with the Superannuation after their death, other than in a way they deal with the rest of their Estate and their Will.
It’s all a bit trciky and it is best to formally write to your Trustees and getting your situation up to date and certainly valid.
Many Superannuation Funds, certainly the larger public ones, also come with an insurance policy.
It’s important to find out the details of whether your policy actually exists, and certainly to whom it is going to and what sort of $ sums are involved.
As a matter of practice in drafting a Will, letters should also go to your Superannuation Fund clarifying all these issues.