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Do you need a binding death nomination?

Did you know that your superannuation benefits do not automatically form part of your estate and so cannot automatically be dealt with under your will?

Under superannuation laws, if you should die and you do not leave a valid binding death benefit nomination (BDBN), the trustee of your super fund decides which of your dependents will receive your super. The only way to ensure that your superannuation benefits pass to those you wish to benefit is to leave a BDBN, which instructs the trustee how to pay your death benefit. As long as the BDBN is valid, it is legally binding and the trustee must follow it. Wills or non-binding nominations are not legally binding on the Trustee. Read more…