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  1. #21
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    in 99% of cases a trustee of a super fund will pay the proceeds of the estate to a spouse and/or any dependents (kids). if you specifically want something else to happen (eg I want $X amount to go to my sister/brother/friend) then you need a binding death nomination. the trustee of a super fund is required to follow the directions of a BDN, anything in the absence of a BDN is at the trustee's discretion. well worth keeping in mind for estate planning purposes as the PP has pointed out!

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    Quote Originally Posted by Marshy68 View Post
    All good points, but how your super pays out is well worth looking into in life, because until I went through this with my mother's estate I had no idea that super funds could be like this. And since I have gone through it, I've come across others who have experienced much the same when dealing with a deceased estate. In my experience my mum's fund favoured the spouse as they viewed the money would have been spent on the deceased's and their spouse's life together in retirement and disregarded her six month old will.
    Just wanted to throw it out there in case there was anyone following who hadn't looked into this
    Super is something that I think needs to be taught in school. No one knows anything about it unless you work in some areas of the financial industry.

    Regarding the payout - super is supposed to be used to fund retirement which means it generally only goes to their dependants i.e. spouses/children that are still dependant. Adult children/grandchildren who are not financially dependant will not be able to receive payment unless there is no spouse/other dependants which then means it goes to their estate. Whether its fair or not, well who knows. Its the rules. Which is really strict.

    Again, its something that people are not educated on but is important to know so I hope at least someone gets some good info from the thread.

  3. #23
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    as you say, I'm only in the know because of my line of work (financial services) and we've had many a seminar on the importance of estate planning!

    agree this kind of thing should be taught in schools but not sure how relevant super is when school kids (for the most part) aren't working. it's the kind of thing I would've just glosses right over at that age!!

  4. #24
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    Quote Originally Posted by twinklify View Post
    Super is something that I think needs to be taught in school. No one knows anything about it unless you work in some areas of the financial industry.

    Regarding the payout - super is supposed to be used to fund retirement which means it generally only goes to their dependants i.e. spouses/children that are still dependant. Adult children/grandchildren who are not financially dependant will not be able to receive payment unless there is no spouse/other dependants which then means it goes to their estate. Whether its fair or not, well who knows. Its the rules. Which is really strict.

    Again, its something that people are not educated on but is important to know so I hope at least someone gets some good info from the thread.
    Yep I never knew any of this until recently. Despite my Dad stating in his will his super fund was to go to my Mum all of us kids had to sign a declaration saying we weren't financially dependent on him at his time of death

  5. #25
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    I've just come across this thread, and realize I'm coming in late, but I am going through this at the moment. My DD father died back in February, we are still waiting for the super and life insurance, it couldn't be accessed to pay for the funeral. He did not have a will, he had 2 policies, one with non-binding beneficiaries (not me or our daughter) and one with no beneficiaries listed at all. We were not in a relationship, he is still technically married (separated in 2005). Having a will though, for him, made no difference to who is entitled to his super and life insurance policy, and the advise from my lawyer was that life insurance and superannuation does not form part of an estate and is dealt with quite separately. Legally it has to go to those who are financially dependent upon him, which is his only daughter. His wife, and his family made claims, but they got nothing. Its all a very long process though, long and tiring...

  6. #26
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    Quote Originally Posted by Leahmaree View Post
    I've just come across this thread, and realize I'm coming in late, but I am going through this at the moment. My DD father died back in February, we are still waiting for the super and life insurance, it couldn't be accessed to pay for the funeral. He did not have a will, he had 2 policies, one with non-binding beneficiaries (not me or our daughter) and one with no beneficiaries listed at all. We were not in a relationship, he is still technically married (separated in 2005). Having a will though, for him, made no difference to who is entitled to his super and life insurance policy, and the advise from my lawyer was that life insurance and superannuation does not form part of an estate and is dealt with quite separately. Legally it has to go to those who are financially dependent upon him, which is his only daughter. His wife, and his family made claims, but they got nothing. Its all a very long process though, long and tiring...
    Sorry to hear your going through this.
    Did he have his wishes stated in his will about whom he wanted his life insurance and his super to be distributed to specifically to though? Or did he assume it would simply go to his estate?

    When my mum died she had her beneficiaries noted with her super fund and there were no problems with the distribution.

    Some super funds such as ours state you must specify in your will who your beneficiaries are specifically for your super and life insurance so yes dealt with separately. We need to update our will anyway so will query to make sure we have covered everything.

  7. #27
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    Not really. DH knows my wishes.

  8. #28
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    So complicated. I have a binding death nomination form that I filled out and signed again in October last year leaving it to the kids. But alas apparently that will no longer be binding now, because my marital status has changed - argh ! So it becomes invalid. So now I must update that binding beneficiary form....Something I must get around to doing.. This stuff gets so confusing at times. Doesn't help to add in the extra stress of blended families...


 

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