What happens to your
super when you die?
AMIST Super Hotline
1800 808 614
It’s a big question, although
perhaps not the most pleasant.
But when you consider your
super could become one of your
largest assets, what happens to it
when you die is really important.
Make a Will
Also remember that if you have Life Insurance with
your super, as most AMIST Super members do, an
additional lump sum may be payable in the event of
your death.
Consider your insurance cover
So, make sure you consider putting measures in
place to protect your super.
Estate planning
You may like to consider setting up an estate plan.
Estate Planning is about developing a strategy for the
management of your financial affairs after you die. It
can help you arrange for your personal assets to be
distributed to those people you would like to benefit
from them, your beneficiaries.
A Financial Planner can help you develop an estate
plan. Estate Planning rules can be different in each
state and territory, so if you need this sort of advice,
call the AMIST Super Hotline on 1800 808 614 to
speak with a qualified financial planner.
A Will is an important legal document designed to
set out how you would like your assets distributed
after your death. Having a clear, legally valid and
up-to-date Will is the best way to ensure that this
will occur.
Your Will should be professionally drafted to ensure
its legal validity. It should also be reviewed
periodically and amended when your circumstances
change.
Investing in insurance is all about investing in peace
of mind. It helps protect the financial security of you
and your family.
At AMIST Super, most members automatically receive
Life Insurance, Total and Permanent Disablement
(TPD) and Income Protection cover upon joining the
Fund (please see the current PDS for information
about your eligibility). But are you adequately
covered? For instance, in the event of your death, will
your Life Insurance cover the needs of dependants, if
you have them, until they are of age? And will it repay
any debts you had at the time of death?
Call the AMIST Super Hotline on 1800 808 614 to
speak with a qualified financial planner who can help
you determine the amount of insurance cover
appropriate to your needs.
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Make a beneficiary nomination
You can make a beneficiary nomination with AMIST
Super which advises us of a person or people you
would prefer to receive your super entitlements in the
event of your death.
To do this, just complete the Change of Membership
Details form available in the Forms section of the
AMIST Super website: www.amist.com.au
It’s very important to understand, however, that the
Fund Trustee will only use your beneficiary
nomination as a guide when making a decision
about payment. Upon your death, the Trustee is
obliged to pay your entitlements to your dependants*
if you have any, and/or to any persons with whom
you shared an interdependent relationship*, or your
legal personal representative*. This means the
Trustee does not have to follow your instruction and
has the final say as to who will receive the proceeds
of your super and insurance.
The Trustee’s final determination about a beneficiary
will be based on identifying all people that meet the
definition of a dependant* or who were in an
interdependency relationship* with you, and who you
either financially supported or were obliged to
financial support at the time of your death.
If you have no dependants or legal personal
representative at the time of your death, the Trustee
may pay your benefit to one or more people
nominated by you.
So if you wish to leave your super to a particular
person, then make sure you nominate your
beneficiary on the Change of Membership Details
form and send it to AMIST Super and the Trustee will
consider your request if a payment is to be made.
* A dependant includes your spouse (including de facto of either sex),
children, or any person with whom you share an interdependent
relationship. An interdependent relationship is a relationship with a
person of either sex with whom you share a close personal relationship,
you live together and one or both parties provide financial and domestic
and personal support of the other. Your legal personal representative is
the executor of your Will, and is someone you trust to manage your
financial affairs when you are not able to do so.
AMIST Super has engaged Link Advice to provide simple financial
advice for all of our members over the phone. This sort of advice is part
of your AMIST Super membership. It’s included in the normal weekly
administration fee, so you will not be charged an additional fee for this
service. This basic advice, however, may not address your specific
Estate planning needs.
This Fact Sheet is issued by Australian Meat Industry Superannuation Pty Ltd ABN 25 002 981 919 as Trustee for the Australian Meat Industry Superannuation
Trust (“AMIST” or the “Fund”), Australian Financial Services Licence No. 238829. The information contained in this Fact Sheet is current as at the date of its
preparation. Updated information will be published on the AMIST Super website at www.amist.com.au.
The information in this Fact Sheet is of a general nature only. It does not take into account your particular objectives, financial situation or needs. Before acting on
information in this Fact Sheet you should consider the appropriateness of the information having regard to your particular objectives, financial situations needs.
Neither the Trustee nor AMIST’s representatives are licensed to provide personal financial advice. We recommend that you speak with a qualified and independent
financial adviser before making a financial decision.
AMIST Super Hotline
www.amist.com.au
[email protected]
1800 808 614
Locked Bag 5390
Parramatta NSW 2124
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