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<\/p>\nYour estate includes everything you own when you die. You can decide who\u2019ll receive it by leaving instructions in your Will. However, there are a few ways your Will can be overruled.\u00a0<\/p>\n
Generally, if you\u2019ve given a nomination to your super fund, leaving your super to a dependant, then they will receive it, regardless of what your Will says. That can include your spouse or de facto spouse, any of your children, anyone financially dependent on you or in an interdependency relationship with you at the time of your death. Assets held in a family trust are managed to the Trust deed.<\/p>\n
You decide who inherits your super by nominating a dependant under the superannuation legislation. If you would prefer, you can nominate to leave your super to your estate, then use your Will to say who you\u2019d like to get the money.<\/p>\n
So it\u2019s important to update your nomination if your personal circumstances change \u2013 like in the case of divorce. If you don\u2019t nominate a dependant or your estate, then the Trustee of your super fund may decide who receives your money.<\/p>\n
If you die intestate (without a Will), your estate is handled according to the succession laws in your state or territory. These laws decide which family members are entitled to receive your assets and how much each of them will receive.<\/p>\n
The person who inherits your super may need to pay tax on the taxable component of the money they inherit. How much they pay depends on how old they are, whether they\u2019re a \u2018dependant\u2019 under the tax rules and the way the super is paid to them. Visit the ATO website<\/a> or talk to your financial adviser to learn more how the tax laws could affect you and your family.<\/p>\n5. Can my kids sell the family home after I die?<\/h3>\n