Accurate disclosure of financial assets is an essential part of a just and equitable property division. When one side attempts to hide their assets, parties normally must engage in an expensive and time-consuming process to search for the hidden assets if they wish to arrive at a just outcome.
Many people don’t realise that superannuation benefits are not an estate asset and do not automatically flow to the estate of the deceased. Despite a Will being legally binding and providing what a person may receive from an estate, superannuation benefits do not apply. A Binding Death Benefit Nomination is a written direction to the Trustee of your superannuation fund which ultimately states beneficiaries who you want to receive your superannuation benefit in the event of your death.
One of the first things that may come to mind if you receive a large sum of money from a relative or a friend is to treat yourself! You might spend big on a new car, book a luxurious holiday, or purchase that extravagant gift you have always dreamed about.
When you think of wills your mind is probably filled with the image of a sweet elderly couple.
Superannuation laws provide specific rules called ‘conditions of release’ that determine when you can access your superannuation entitlements.
Retirement, death, a terminal medical condition and/or permanent incapacity are conditions of release that, if satisfied, allow access to your superannuation entitlements.