Estate planning is the act of preparing for the transfer of a person’s wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one’s estate.
Most of us put a lot of time and effort into creating and managing wealth throughout our lives. But few of us put enough thought into how our wealth will be distributed after our death – estate planning.
A death benefit nomination is a notice you give to the trustee of your superannuation fund requesting the payment of your death benefits to either your estate or one of your specified dependants.