Good news re Super SA SSS
If you are in the Super SA SSS scheme you can now nominate your estate to receive the benefit. This allows the Executor of your Will to make decisions that may be more tax effective.
The details:
We always make our client’s aware of the importance of superannuation benefits and their application to an estate plan when drafting your Will.
On 16 June 2016 changes to the Southern State Superannuation Regulations were gazetted. These changes will now enable members of Triple S to nominate their legal personal representative (estate) as the beneficiary of their superannuation balance and any associated insurance component upon their death.
Prior to the change members of Triple S had no such discretion and the payment of benefits after a member’s death would be automatically applied to a spouse. This made for a very inflexible estate planning approach.
We advise that this will only occur if the Binding Death Benefit Nomination – LPR (Estate) form has been completed and provided to their fund. If no nomination form has been completed the previous fixed position of payment to the spouse remains.
We recommend that people considering this change also read the Binding Death Benefit Nomination – LPR (Estate) fact sheet on the Super SA website and consult with your financial planner before making changes to your Super SA SSS nomination.
Other Super Funds and Binding Death Nominations
Most other commercial Super funds allow members to nominate their beneficiary – including their estate. This allows people to consolidate their decision making into one location (the Will) and to ensure that the Trustee’s discretion is removed. It will also allow the Executor to make decisions about paying beneficiaries that may be more tax-effective – assuming that the Will provides sufficient discretion.
Please contact us on 8278 1779 if you wish to discuss incorporating your super into your estate plan and your Will.