Tips for Making a Valid Binding Death Benefit Nomination

1. Renew Your Nomination Regularly
   • Most binding nominations need to be renewed every three years; otherwise, they lapse.
   • To avoid forgetting, set a reminder to renew your nomination every year, possibly on a significant date like 1 July or when you receive your super statement.
2. Ensure the Nominated Person is Eligible
   • You can only nominate beneficiaries who meet the super rules, such as your current spouse, child, or someone financially dependent on you or in an interdependency relationship with you.
   • If you nominate someone who is not an eligible beneficiary, the nomination will be invalid.
   • If you wish to leave the benefits to someone not meeting these criteria, consider nominating your estate and specifying your wishes in your will.
3. Review Your Nomination After Life Changes
   • If your personal circumstances change, such as getting married, having a child, or separating from a partner, review and update your beneficiary nominations as needed to ensure they reflect your current situation.

Common Mistakes to Avoid:

• Failing to Renew Nominations: Many people forget to renew their binding nominations, leading to them lapsing and becoming ineffective.
• Incorrect Form Completion: Filling out the nomination forms incorrectly can render them invalid. Ensure you follow all instructions and provide accurate information.
• Outdated Nominations: Not updating your nominations after significant life changes can result in your benefits going to unintended recipients.

Estate Planning Assistance

Effective estate planning can be complex, and it’s essential to consider all relevant issues. For assistance in assessing and reviewing your options, contact us today. We can help you ensure that your superannuation benefits are distributed according to your wishes.

The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.