When there has been a death of a member of a superannuation fund, there are often delays in having the funds released to the family. Unfortunately, there are often cases where there is a widow in urgent need of funds but the superannuation fund takes around a year to make the payment.
Our best advice to speed-up the process, is that you execute a binding death benefit nomination as part of your estate planning. This means, contacting your particular fund and asking them to provide you with the appropriate form, executing it properly in the presence of two witnesses who are not beneficiaries and returning it to the fund. You should check that you receive confirmation that the nomination has been received. Some funds require nominations to be renewed every three years.
When completing the form, you can only nominate “superannuation dependents” or your “estate”. We recommend that you seek legal advice when deciding who to nominate.
Call Manny Wood for Accredited Specialist advice regarding your estate planning and claims on estates.
This article is intended to be for information and educational purposes only and cannot be relied upon as legal advice. The information may not apply to your circumstances or to your particular situation. If you need specific advice or you have any questions, we welcome you to contact us directly.
