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.
Have you reviewed your superannuation fund rules and guidelines? Do you know if your fund offers life insurance?
Often people assume that the fact that their superannuation entitlements are minimal means it is not a big asset and therefore it is not necessary to worry about. If this is how you are thinking – think again!
When a loved one passes away, one of the last things that you want to be doing is looking for their superannuation paperwork and dealing with superannuation funds. It is important to keep your superannuation up to date and well documented to make it easier for your loved ones to deal with once you pass away.