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SUPERANNUATION

Most people, both young and not so young, are surprised to hear that superannuation, in most instances, does not form part of their personal estate. This is most significant for the simple reason that unless you have a valid binding nomination, you cannot bequeath your superannuation through your will. Except where you have bound the Trustee of your superannuation fund to give your benefit to a beneficiary specified by you, the Trustee of your superannuation fund has the absolute discretion to determine who will receive your death benefit upon your passing.

Generally, the Trustee must pay your benefit to one or more of your dependants. A "dependant", in relation to a person, includes the spouse of the person, any child of the person and any person with whom the person has an interdependency relationship as defined by law.

Superannuation could be a large financial asset available to your family upon your death and it is important to ensure it works for you in your senior years and for your family after your death. During your life it can be a tax effective way of receiving income, as is the case where you stream your income through the use of an allocated pension.

An allocated pension is a tax effective and flexible income stream investment in which you can invest your superannuation savings. Allocated pensions typically provide a number of different investment options, which means you may potentially grow the value of your investment at the same time as you generate a tax-advantaged income stream. You must receive financial advice prior to commencing such a plan to ensure that the level of your pension will not exhaust your funds too early.

Remember, knowledge is everything!

This page is not intended to constitute or to be a substitute for legal advice. If you wish to obtain specific advice with regard to your situation please contact our friendly staff on (02) 9662 7388 or email questions to reception@kydonsegal.com.au.