Qsuper Forms Beneficiary

[Aron Eugine]

Theonly direct way to leave your superannuation to the beneficiaries of your Will is to inform your superannuation fund of these beneficiaries. This requires a Binding Nomination that stipulates that your superannuation fund must distribute the money in your account to the nominated beneficiaries.

You can however nominate your legal representative as the beneficiary of your superannuation money, who then can distribute this money according to your Will. So you can actually stipulate in your Will who is to receive the benefits of your superannuation account, nominate your legal representative as the beneficiary with your fund, and then rely on this person to distribute these funds.

For this latter strategy to work, you must include a superannuation clause in your Will and keep the Binding Nomination and the beneficiaries in your Will up to date. The simpler option is to submit a Binding Nomination to your superannuation fund and the money will be distributed to the named beneficiaries on your death. Speak to a will lawyer to find out more.

A Binding Nomination must be made with your superannuation fund if you want your money to be distributed to your beneficiaries. Every fund will have forms that need to be completed, usually online, to make it a quick and easy process. This Binding Nomination will only be current for three years, so you need to remember to update it before it expires. So long as your Binding Nomination is current, your super fund will distribute this money to your stated beneficiaries on your death.

Other considerations include any tax that might need to be paid by beneficiaries of your superannuation. Always talk to a legal expert who can advise you to the best course of action for your situation.

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