I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Changing beneficiaries for Your Super Fund

It is an excellent idea to evaluate the info you have provided to your superfund when personal circumstances alter, for instance, when you get wed or divorced, have new kids or grandchildren that come along or somebody in the family passes away. Sometimes individuals can forget to include their new partner or youngest child as beneficiaries, causing problems following their death. Others might fail to remember to remove their “ex” as a beneficiary, ending up getting a part of their benefits once they die.

You can frequently alter your nomination anytime by writing or contacting your super fund.

What will happen if I was a beneficiary?

Handling super could be the utmost thing following the passing of someone you love, so it is good to be aware that, frequently, if you’re nominated as a beneficiary, then you do not have to do anything – the super fund’s trustee will contact with you, if they can find or have your address. If you are directly associated to the fund member that’s died, you could aid in the process through making certain the trustee possesses a copy of the individual’s death certificate – though a representative will frequently do this, notifying them of any dependents you know.

When a super fund’s member dies, the procedure of settling their benefit to their estate or dependents/beneficiaries can be direct or lengthy and complicated, depending on the conditions of the dead individual. If there’s a binding nomination, then the trustee should pay the super benefit to the individual/s nominated.

In other instances, the super fund’s trustee will start by finding all possible beneficiaries, then they’ll choose who to settle the super benefit to as well as the amount to pay to every individual, so that it’s “fair and reasonable.” Frequently, the claims of young children and a spouse are prioritized over the assertions of adult offspring who aren’t financially dependent on the deceased person. If young children are involved, the period of time they’d have stayed dependent on the fund member is considered.

Changing beneficiaries for your super fund may take time. To make things easier for you, you can opt for the advice of a professional. Call us at 1300 252 167

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