Some questions about the need for a will and what the will can cover?
1) If you have life insurance policies and super in a fund with a nominated binding beneficiary for each individual account (from which I understand means that you decide who is the specific beneficiary of the policies in the event of your death) do you still need to have a will? Will this money be paid out automatically to the nominated person? Or will there be legal difficulties because there was no will?
2) If you have a will which states that your estate must be divided between your spouse and your children from a previous marriage - what happens to the monies that are paid out as part of the above life insurance policy and super fund if they have been set up with a named binding beneficiary. Do they they go fully 100% to the nominated party or do they have to become part of the 'general estate' and shared as per the will states between the second spouse and children from the first marriage? Even though the life insurance policy and super fund have the wife as the nominated binding beneficiary.
Hope you can clarify this for us.