The Risks of not Having a Binding Death Benefit Nomination

For many Australians, their superannuation is a substantial part of their net worth. It is therefore important to understand what happens to your superannuation on death and how you can ensure that superannuation passes to the persons you intend. A binding death benefit nomination (BDBN) can provide certainty as to how a member’s death benefit will be distributed. Where a member does not have a BDBN, the trustee has complete discretion as to who is to receive the death benefit and in what proportion. This may result in the benefit being distributed against the member’s intentions. We discuss some case scenarios to highlight the issues raised.


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