15.7 million Australians may not control where their super goes after death

Millions of Australians may believe their superannuation will automatically go to the people they name in their will when they die. But this is not necessarily so. A recent news report by ABC Information & Services News suggests that around 15.7 million Australians may not have a legally binding death-benefit nomination, which would give super funds a fair amount of discretion over who gets the money. The issue is drawing attention as regulators and consumer advocates call for clearer rules and faster processing of death-benefit claims.Why your super isn’t controlled by your willIf we go by the report, superannuation is not automatically included in a person’s estate as a general rule. Instead the money is put in a trust and managed by the super fund’s trustee. The trustee determines who is entitled to receive the accumulated superannuation and any insurance benefits payable on the death of a member.