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It might surprise many people to know that Superannuation does not get divided in accordance with a person’s will (unless specifically directed).
In many cases old wills can leave a void where the person’s Superannuation has mistakenly been assumed to fall within the estate and thus, also in their will. However unless a Binding Death Nomination is completed and lodged with the Superannuation fund then the Superannuation, or life insurance then the Will will not be able to deal with the Superannuation.
When this situation occurs it is necessary to apply to the Superannuation fund to seek a disbursement of the Superannuation. In these circumstances, there is no guarantee that the fund will divide the Superannuation in the same manner as the will. As such it is important to put forward submissions to give the Superannuation fund a realistic overview of the beneficiaries in need.
Queensland Law Practice have had extensive experience dealing with Superannuation funds and their mediation processes.
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