In our exploration of estate planning this month, we've delved into a topic that often doesn't get the attention it deserves: simultaneous deaths. While such events are rare, it's essential to understand the potential implications, especially when it comes to beneficiary nominations, both within and outside of superannuation. When two or more individuals pass away simultaneously, the order of their deaths becomes critical in determining the distribution of assets, particularly for jointly held property and

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In most cases when someone passes away their super is paid to their dependents. However, there are instances where it is paid to the deceased’s estate. If a person’s super is paid after death, it’s called a death benefit, this benefit is comprised of their super account balance and if there was any death insurance cover. It is important to carefully consider who will receive any benefit as even if someone doesn’t have a lot

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Incorporating your superannuation entitlements into your estate plan is crucial, particularly when they are not part of your estate. Superannuation can lead to substantial distributions to beneficiaries, emphasizing the importance of aligning payments with your wishes. A non-binding nomination guides your superannuation fund on distributing funds after your death, but the trustee ultimately decides the recipients, possibly deviating from your intended beneficiaries. On the other hand, a binding death benefit nomination (Binding Nomination) allows you

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