Friends With Money #8: Understanding who can inherit your super
Super. We all have it and should all be doing our best to look after it. For the most part, our thoughts revolve around how much we actually have in our superannuation accounts, how much it has grown over time, or where it is invested. Then there are the benefits of organising insurance through your super, the life insurance component of which can represent a large sum of money intended to look after those left behind.
But who can you nominate as a super beneficiary? What if you're single, widowed, or have a blended family?
Who you choose to nominate as a superannuation beneficiary has become an increasingly important issue with more and more instances of superannuation benefits being challenged in the courts.
One recent example of this is the tragic case of Ashleigh Petrie who had allegedly tried to leave her superannuation death benefit to her struggling mother, only to have her 68-year-old magistrate fiancé successfully challenge the payout.
In this episode of Friends With Money, Julia Newbould is joined by Peter Bobbin, principal of Coleman Greig Lawyers, to discuss who you should nominate as a superannuation beneficiary, the difference between a binding and non-binding nomination, and whether or not your will can override your choice.
The Friends With Money podcast is also available on Apple Podcasts, the Google Play store, Spotify and all major podcast platforms.
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