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Entitlements of a member can only be paid to adult children or the member’s Legal Personal Representative by way of a lump sum.<\/p>\n
Payments to a member’s beneficiary under a Binding Death Benefit Nomination may be subject to tax.<\/p>\n
Ordinarily, payments to a spouse, minor children or financial dependents of the member are not subject to tax, while payments to adult children may be subject to tax, payable on a portion of the entitlement that they receive.<\/p>\n
Binding Death Benefit Nominations can be a useful tool in protecting a person’s estate.<\/p>\n
A valid Binding Death Benefit Nomination can remove the members superannuation entitlements from their estate and in turn removes it as an asset that could be subject to a family provision claim under Part IV of the Administration and Probate Act 1958 (Vic).<\/p>\n
Superannuation is a complex but important area of estate planning and should be given careful consideration when structuring one’s estate. Wightons Lawyers can assist with all aspects of estate and succession planning, including advice surrounding superannuation.<\/p>\n
We invite you to contact our office on 5221 8777 to discuss how we can assist.<\/p>\n
This article is general information only and is not legal or tax advice or a substitution for such advice.<\/p>\n
Always seek professional advice suited to your own circumstances.<\/p>\n