Binding Death Benefit Nomination (Superannuation)
Superannuation cannot be directly dealt with in your Will.
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 must 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 or who will only accept them in a certain form. Before completing a Binding Death Benefit Nomination you should firstly check with your superannuation fund 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.
Need further help?
We can discuss any queries you may have at an initial consultation. This information is complex but by no means is it tailored to your circumstances. Please contact us to make an appointment with one of our estate planning lawyers at our Parramatta office.