What should I do when preparing a Will?

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Make a Will – if you don’t have one, you haven’t even reached first base! Try and be fair in your Will to all dependants. This will avoid problems later. Your Super Trustee is less likely to cut across your Will, and it reduces the risk of expensive litigation against your estate (brought by disgruntled dependents who have been left out).

You can consider making a Binding Nomination with your Superfund (if your Superfund offers this service). This form allows you to nominate beneficiaries of your choice to take your super entitlements if you pass away. The Binding Nomination (it must be this special form) is legally binding on the Super Trustee. The people you can nominate are:

  • spouse, ex spouse or de factor spouse
  • children
  • other financial dependents
  • your legal representative (as a trustee)

It lasts for 3 years, and then you have to renew it.

NOTE: For NSW residents, a binding nomination may not override the wishes in your Will. So cover your wishes for your super contributions in your Will.