Superannuation is a variation on the rules relating to trust arrangements and as such is not considered a personal asset. Control and ownership of the assets held within superannuation therefore reside in the hands of the trustee/s.

Should you die, the funds trustee/s are faced with two types of nominations:

• Non-binding death benefit nominations; where the trustee ultimately decides who should receive a death benefit

• Binding death benefit nominations; where the member directs the trustee on where they would like the benefit to be paid. Under this form of nomination the trustee is bound by the nomination provided.

The type of superannuation fund that you have is also a matter for consideration. Self-Managed Superannuation Funds often have different planning needs from public offer funds and industry funds. A failure to consider each fund’s intricacies could lead to significant delays, hassles, unintended tax consequences or even with benefits being paid to unintended beneficiaries.