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Retirement

Inserting super into a will: Can you do it?

  • July 28 2020
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Retirement

Inserting super into a will: Can you do it?

By Grace Ormsby
July 28 2020

Estate plans are vital for anyone looking to pass on their wealth to a loved one or charity, especially in circumstances where family relationships are a little more complicated.

last will and testament

Inserting super into a will: Can you do it?

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  • July 28 2020
  • Share

Estate plans are vital for anyone looking to pass on their wealth to a loved one or charity, especially in circumstances where family relationships are a little more complicated.

last will and testament

In a blog post that originated from Fitzpatricks Private Wealth’s head of technical services, Colin Lewis, he touted the importance of having an estate plan in place to ensure estate assets and interests will go to the right person in a timely manner.

Not only that, he also emphasised the importance of reviewing such a plan every five years, or earlier in the case of a major family event.

But the wealth adviser also flagged how superannuation is not an estate asset – therefore it won’t generally be able to be dealt with via a will

However, it may be possible where it is specifically left to the legal personal representative (LPR) – generally the estate executor.

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“Your super can end up in the hands of whoever you want, but your super fund can only pay certain beneficiaries directly, as super law dictates eligible dependants,” Mr Lewis noted.

He added that only a spouse or de facto partner, children, someone financially dependent on you or someone with whom you are in an interdependent relationship can receive your super directly.

“So, if you want your super to go to someone else, say a sibling, parent, ex-spouse or charity, then you must nominate your LPR and deal with it in your will,” the head of technical services explained.

For anyone who does wish to take this path with their super, it’s even more important to ensure you have a valid will in place – and that it is up to date.

“Unfortunately, far too many Australians do not have a will,” he concluded.

For those Australians without a will, nestegg has reported that the drafting of one should be a priority on the to-do list of every Australian adult, regardless of their age or financial position.

Inserting super into a will: Can you do it?
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About the author

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Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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