Superannutation Claims

There are two primary ways that superannuation policies will be dealt with on the death of the policy holder.

The deceased may have nominated specific beneficiaries under their superannuation policy. This nomination may be binding, in which case the superannuation trustee is required to distribute the death benefit to the nominated beneficiaries. The nomination may be non-binding, or the binding nomination may have lapsed, in which case the trustee has discretion to distribute as it sees fit. In this case, the trustee may choose to distribute as per the deceased’s wishes expressed in the will, may choose to give the funds to the executor or administrator to be included as part of the residue of the estate, or to take into consideration taxation benefits that may apply.

If you are planning on making a Family Provision claim, you should take steps to determine whether a superannuation policy exists at the time of death, and the method by which it will be managed. Where the deceased has made a nomination for a specific beneficiary, those who are beneficiaries under the will, and those filing family provision claims, will miss out on the benefits of this asset. However there may be certain actions that can be taken in order to have the funds included in the deceased’s estate.

Our contested wills lawyers can advise you on the best course of action to ensure that your Family Provision claim provides you with the financial support that you need. And best of all, we are unique in offering a No Win No – No Fee service in contesting wills.

So give us a call today (02) 9299 1424 to set up a free initial consultation.