Who gets your super if you die?
By Shadforth Financial Group
It’s something we don’t really like to talk about, but have you thought about who gets your super if you die? Super is different from other assets because the trustee of your super fund has control over who gets your super and any risk insurance payout - it doesn’t automatically flow to your estate.
But, if you make a binding death benefit nomination you can regain control over who your super is paid to. Put simply, a binding death benefit nomination is a legally binding nomination that allows you to advise the trustee as to who should receive your super benefit when you die, providing they are a super dependant, such as a partner or child. If you have a self-managed super fund then you should still document who you would like to nominate to receive your super benefit.
The main advantage you gain from having a binding death benefit nomination is knowing that you can provide for multiple beneficiaries, such as children from previous marriages. Another advantage of a binding death benefit nomination is that the super benefit may be able to be paid out quickly, which can be a great help to your beneficiaries.
Talk to your Private Client Adviser about the best way to make your beneficiary nomination.