Binding Superannuation Death Benefit nominations are now possible, which ensure the trustee of your superannuation fund will pay the benefit in accordance with your instruction.
People who are in a second and third marriage may find a superannuation fund offering these benefits more appropriate to their needs.
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Example:
| Jacob is in his second marriage. He wants to ensure his new wife, Joanne, will be the sole beneficiary of his superannuation benefits if he dies. He is concerned that the fund trustees would be obliged to consider a claim by Carla, his previous wife. Carla, indeed, would have a legitimate claim if she continues to be partially financially dependent on Jacob. To ensure that Joanne is the only beneficiary of a potential death benefit, Jacob should enter into a binding death benefit nomination. | |
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Binding Superannuation Death Benefit nominations must be renewed every three years to be effective.
For more information and advice regarding Superannuation Beneficiaries, please contact our experienced Financial Planning Team.
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Superannuation Beneficiaries