Should I Lodge a Superannuation Death Benefit Claim?
I am often asked by clients for assistance with claiming a deceased relative’s superannuation monies. In most instances, a superannuation death benefit claim is lodged by the partner, child or next of kin of the deceased.
What happens once the superannuation death benefit claim has been submitted?
Once a claim has been submitted, the Trustee of the superannuation fund will usually have the discretion to pay any benefits to the following (depending on whether or not a binding death nomination is in place):
- The deceased’s Estate (in which case the superannuation death benefits will be distributed in accordance with the Will of the Deceased. If there is no Will, then the monies will be distributed in accordance with the rules of intestacy which apply if the Deceased had no Will); or
- The person claiming the superannuation death benefit; or
- Any other people who were financially dependent on the Deceased.
When making their decision, the Trustee will also consider, among other things:
- The claimant’s relationship with the Deceased;
- The claimant’s financial circumstances;
- The claimant’s level of financial and non-financial interdependence with the Deceased.
- Any other parties who wish to claim an entitlement to the Deceased’s superannuation.
Is it important to lodge a Superannuation Death Benefit Claim?
It is important that if you are thinking about lodging a superannuation death benefit claim that you:
- Submit the correct supporting information;
- Consider whether any other parties may also claim the death benefits;
- Consider the time limits which may apply to object to any decision of the Trustee.
Should you have any questions on superannuation death benefit claims, or should you require assistance with lodging a superannuation death benefit claim please do not hesitate to contact me. We have assisted many clients with their superannuation claims and can provide you with information and specialised advice.