A refresher on superannuation

Unless you are familiar with the area or work within the industry, superannuation benefits are often assumed to be one's asset. Whether it be a retail or self-managed superannuation fund ('SMSF'), it is commonly overlooked as being something that sits outside of a Will and not automatically forming part of one's personal estate on death. This is because the benefits are held in trust on the member's behalf and therefore not directly owned by the member.

How proceeds are distributed comes down to the superannuation legislation, regulations and the governing rules of the superfund. This means that even though a Will may mention how proceeds are dealt with, it does not automatically make it an asset that is subject to the terms of the Will.