Because it is important to deal with superannuation entitlements correctly, we usually discuss with our clients the importance of making sure that, where appropriate, Binding Death Benefit Nominations are put in place to direct the trustees of their super fund who to pay those benefits to in the event of their death.
Although there are a variety of circumstances where a binding death benefit nomination is appropriate, the nature of those nominations can often be quite different depending on the particular circumstances of each client.
For example, in the case of a blended family, a properly executed and current Binding Death Benefit Nomination can be an important component in the estate plan to ensure that children on both sides of the family are adequately provided for upon the death of their respective parents.
There can be a number of complications with Binding Death Benefit Nominations depending upon the nature of the fund, the provisions around how the nominations are able to be prepared and, in some cases, the provisions of the superannuation trust deed governing the appointment of trustees in the event of death.
We encourage all of our clients to carefully consider these matters and can provide advice tailored to their specific circumstances so that, as much as possible, their wishes in relation to superannuation entitlements are properly implemented when they pass away
For more information or to discuss, please phone Kennedy Spanner Lawyers on (07) 4639 2944.