Superannuation and Death Benefit Payouts
Because superannuation is not an estate asset, it will not automatically be distributed in accordance with the terms of the deceased’s Will. Where the deceased’s intention was for their Will to distribute any superannuation proceeds, this can only occur if the superannuation fund trustee pays the proceeds to the deceased’s estate.
On the death of a superannuation fund member, the fund trustee is required to pay a death benefit as soon as is practical. If there is an up to date binding death nomination, the fund trustee will pay the benefit to that nominated dependent. If there is a non-binding nomination, the fund trustee will be guided by that nomination but will consider the position of the other dependents before making a decision. If there is no nomination, the fund trustee will look to any dependants, or the deceased’s estate, to submit to the trustee who the benefit should be distributed and will consider all the relevant evidence (including the terms of any will).
Our estate lawyers will help you deal with the deceased’s superannuation fund to receive the death benefit payout, including:
- notifying the fund of the member’s death;
- completing the death benefit payment request forms;
- providing the fund with a copy of the death certificate and will (if any);
- providing a copy of the grant of probate or letters of administration (if any); and
- making all necessary submissions in support of the death benefit payment request.