Estate Planning
Estate planning is the process of arranging, during a person's life, for the management and disposal of that person's estate during the person's life and at and after death, while minimizing estate, gift, generation skipping transfer, and income tax.
If you die, your super fund trustee normally pays your death benefit to your dependants or to your estate.
For super death benefits, the term 'dependants' includes:
- Your partner
- Your children
- People with whom you had an interdependancy relationship
- People who depend on you financially
Most super funds allow you to nominate who you want your death benefit paid to, either as a non-binding or binding nomination.
If you don't nominate someone, the super fund trustee will make the decision on who your money goes to.
