Estate Planning Essentials - Superannuation Binding Nominations

Posted by Malcolm Campbell on 25 October 2017
Estate Planning Essentials - Superannuation Binding Nominations

Unless you execute a Binding Death Benefit Nomination every 3 years, the trustees of your superannuation fund may be able to elect who to pay your death benefit to, based on who is dependent upon you. To ensure your superannuation is passed on to whom you want, instruct us to draft a Binding Death Benefit Nomination for you.

Two people will need to witness the Binding Death Benefit Nomination and these people must not be referred to in the document. You should nominate a legally valid dependant and in order for the document to be legally binding it must be re-signed every three years.

Unfortunately, there are still some superannuation funds which do not yet accept Binding Death Benefit Nominations. Before completing a Binding Death Benefit Nomination you should firstly check your f fund deed to ensure that it is bound by Binding Death Benefit Nominations. If it is not then your Binding Death Benefit Nomination may have no effect.

We recommend you contact your superannuation fund to see whether you have a current Binding Death Benefit Nomination.

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