Nominating beneficiaries and why it’s important
Unlike your other assets, such as your home and your car, your super and any insurance benefit you may have doesn’t automatically form part of your estate when you pass away.
Instead, in the event of your death, the Trustee of Equip Super is responsible for distributing your money to your beneficiaries or your legal personal representative.
What is a beneficiary?
A beneficiary is the person(s) who will receive your super benefits if you die.
They can be nominated specifically by you, or identified and selected by the Trustee. In either case, the beneficiary(ies) must have met the relevant conditions under superannuation law that make them eligible to receive your super benefit.
Why make a beneficiary nomination?
Making a beneficiary nomination helps us understand how you want your benefits distributed when you die. It’s your opportunity to have a say about who you want to receive your money.
What types of nomination can you make?
At Equip Super, we offer three types of beneficiary nominations: