For many people, superannuation benefits form the largest part of their estate.
And as such Superannuation is a very important part of estate planning and this is becoming increasingly so over time, as balances increase, and more people utilise superannuation to grow their wealth.
However clients can be surprised to find that their will can be completely ineffective when it comes to disposing of their superannuation benefits on their death. Your benefits (including any life insurance proceeds) may not automatically form part of your estate and therefore may not be disposed of through your will.
So what can go wrong?
This can have dramatic consequences, as was seen in the case of Katz v Grossman