We agree, looking after your superannuation may not be as exciting as buying a new car or house, but your super is an asset to be taken seriously. Essentially forced savings, super is money paid on top of your salary by your employer to your nominated super fund. Every time you get paid, so does your super. Over the years this money obviously will start to add up. For most Australians, next to the family home, superannuation will be your largest asset. So why not give it some attention.
If you do nothing else with your super, do this one thing.
Check if your super fund has an option for you to make a Binding Nomination for the payment of your death benefit. This means that you are telling the Trustee of the super fund who gets your super monies if you pass away. Note that a binding nomination is stronger than a non-binding nomination.
You can nominate by way of percentages. Say you have four children – you can nominate each of them for 25% each.
For most funds it is as easy as ticking a box on a form and writing the names and percentages in.
Binding nominations usually lapse every three years so you must remember to keep it updated.
If you don’t, the danger is that when you die, the Trustee gets to decide who receives your super – and it may not be who you would like it to be.
So take control and contact your super fund today. Why not? It’s your money.
Call for an appointment to have your Wills and Powers of Attorney finalised at our special package price and we’ll throw in an explanation about your super for nothing. Trust us. It won’t hurt a bit.
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