Superannuation - Did you Know....?
When you die the Trustee of your super fund decides who receives your super. Many people are unaware that their entire super, and often their insurance benefits are up for grabs among a spouse, partner, children and dependants they leave behind.
Under superannuation law, the Trustee of your super fund has the discretion and obligation to use this power.
This means that if you haven’t done it already, you should think about whether you would like to nominate your estate or other beneficiaries and complete a Binding Death Benefits Nomination (BDBN). Provided you have an up to date and valid BDBN you remove any uncertainty concerning who receives the death benefit from you Super.
There are different types of nominations so it’s important that you confirm yours is up to date and makes a valid nomination.
Lapsing or non-lapsing BDBN – many Super Funds are now enabling customers to have a non-lapsing BDBN so you don’t need to update. If your nomination is lapsing you need to be sure you remember to update it at least once every three years.
A large number of Super Funds will allow a reversionary nomination where the nominated person (generally a spouse) will automatically continue receiving the pension after your death. A reversionary nomination usually overrides a BDBN, so it is important to get the right advice before completing a nomination.
Binding Nominations can make your estate planning more precise and effective, however, they are just part of it and it’s important that your will, enduring powers of attorney and advance health directive also reflect your current wishes.
If you require assistance with your estate planning, the team at SPM Law are ready to help.
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