Why You Should Update Your Superannuation Death Nomination
Did you know that when you die, your superannuation death benefit doesn’t automatically form part of your estate or assets? If you haven’t nominated or updated your beneficiary, it is the Trustee of your super fund who has the discretion to decide which dependents will receive your death benefit, which may not be the outcome you wanted or had in mind.
Many people are also unaware of the personal insurance that exists within their superannuation policy/policies. Infinity Wealth Solutions qualified professionals can also help you understand what personal insurance policies you already have and guide you through the tax implications for the assets you leave behind.
By updating your super death nomination, you can ensure that your money will go to exactly who you had intended and avoid any family confusion or disputes during an already difficult time.
Infinity Wealth Solutions can help you make a Binding Death Benefit Nomination (Binding Nomination), giving you absolute control to nominate exactly who gets what, making your estate planning much more precise. As Binding Nominations are only valid for three years and family and personal circumstances constantly change, it is important to regularly revisit and update your superannuation death benefit.
Call Infinity Wealth Solutions today to discuss your existing superannuation to ensure you and your family are adequately protected now and into the future.