Family Law and Custody

Sunshine Coast Lawyers can help you with Family issues including child custody matters. Our law firms are located on the Sunshine Coast.

 
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What Happens to Your Superannuation After Your Death?

Contrary to popular belief, your life insurance benefits and superannuation benefits do not always go to your loved ones after you die unless you make legally updated binding nominations. If you are not careful enough, your insurance benefits and the entire amount of superannuation can be divided among all your dependents by the trustee of your superannuation fund if you forgot to update the nominated beneficiaries.

Having a marital problem can have a big impact with your beneficiaries. If in case, you decided to separate, hire a Family Lawyer to handle legal matters.

Binding nominations can lead to several mistakes during payment of death benefits and that is why you require the help of superannuation lawyers to ensure that your loved ones are taken care of after your death.

 

Who are Dependents?

A dependent can be your child who is under 18 years of age and this includes children born out of your wedlock or ex-nuptial kids, step children or adopted children. Your spouse can be your dependent. A person who is the fund member’s interdependent relative or someone who is dependent on you financially when you die will be considered a dependent.

Nominating Beneficiaries

Your beneficiary can be your legal personal representative or your estate or a person who is your dependent under the Australian laws of superannuation. It is possible to nominate either one or more than one beneficiaries if that is allowed by your superannuation fund.

It is necessary to update your nominated beneficiaries, otherwise wrong people who are not your true beneficiaries can get hold of your death benefits. This may mean your ex-spouse gets the superannuation benefits while your current spouse is left out.