Super is frequently one of your largest assets and it is important to understand what happens to it when you die.
Super does not automatically form part of your estate and is, therefore, not necessarily dealt with by your will.
Who can receive your super is dictated by the Superannuation Industry (Supervision) Act 1994 (SISA). This provides that the Trustee of your fund must pay your superannuation to the following:
- your legal personal representative (LPR) and / or
- one or more of your SIS dependants
Your SIS dependants are your spouse (including de facto and same sex), your children (including adult, ex-nuptial and adopted), any person who is financially dependent on you and any person deemed to be in an ‘interdependency relationship’ with you at the time of death.