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Understanding super & money
Make sure your super ends up in the hands of the person – or people – you want it to
Unlike directly owned property or shares, super doesn't automatically form a part of your estate if you pass away. Instead, your super benefits are paid out under the rules of the super fund.
You can nominate who you want to receive your super, but not all nominations are the same. The table below compares non-binding and binding nominations. It’s important to know the differences, because the type of nomination you have in place determines how your super benefit is paid out.
A binding death benefit nomination is a legally binding nomination that allows you to advise the trustee who is to receive your super benefit in the event of your death.
The benefits of binding death nominations include:
In order for a nomination to be binding, it must be 'valid'. One of the requirements of validity is that only dependants can be nominated. For the purposes of super law, a dependant includes:
When was the last time you reviewed your nominated beneficiaries? Make sure your nominations are up-to-date.