In life there are 2 certainties, death and taxes so goes the old adage, which is why the topic of beneficiaries is so crucial and a topic we like to revisit with our clients.
Recently I came across an article where a spouse felt she and her husband had done everything right and structured their affairs in a way that afforded them seamless protection if the worst was to happen. Unfortunately, when the husband passed away it led to months of uncertainty and anguish at an already stressful time.
So, what is a beneficiary? A beneficiary essentially is someone that you nominate to receive your super and life insurance if you were to pass away in its simplest form.
The important thing to remember about superannuation is that it is not automatically covered in your Will under Australian Law and is not an estate asset. Although there are steps one can take to structure it correctly to give you peace of mind knowing that if the worst were to happen your intended recipients will receive the money that you ultimately intended them to have.
No one wants to think about their own mortality but it is important to have these discussions with your loved ones, that if something were to happen not only would there be no ambiguity about what has been put in place but it has also been set up correctly.
The team at Burke Britton can help ensure your affairs are set up in a sound way, eliminating the stress at an already difficult period in the lives of those most important to you who are left behind, providing the certainty that the legacy you wish to leave behind will be received by those closest to you.
This blog contains information that is general in nature. It does not take into account the objectives,
financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
If you decide to purchase or vary a financial product, your financial adviser, AMP and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.
PB Financial Solutions Pty Ltd ABN 67 097 381 523 – trading as Burke Britton Financial Partners & Securelife Financial Solutions is an authorised representative and credit representative of AMP Financial Planning Pty Limited, Australian Financial Services Licensee and Australian Credit Licensee.