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Clarity needed on death benefits
A leading law firm has called for greater clarity with respect to death benefit arrangements within superannuation.
A director of Gadens Lawyers, Kathleen Conroy, has claimed there are many misconceptions surrounding death benefits and superannuation giving rise to the need for people to look at their estate planning.
“There are quite a few easy traps to fall into with regard to superannuation and estate planning,” she said. “Many people think their superannuation is covered by their will and do not take the time to make the necessary formal arrangements with their funds.”
Conroy said other misconceptions included a belief superannuation funds could automatically be accessed to help cover funeral costs and death benefits were tax free regardless of the beneficiary.
She said amid the growing focus on superannuation performance, it was more important than ever that people were aware of the legal and tax implications of their choices and had the right plans in place to protect their superannuation investment.
AUTHOR
Mike Taylor
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