Superannuation, life insurance and nominations.
If you pass away, your superannuation fund has full discretion as to who they give your balance to. They determine at that time who is dependant on you. It doesn’t matter what your Will says.
To ensure your superannuation and life insurance is given to the right person, you will need to fill out a “Binding Death Benefit Nomination”.
Please fill this out.
1. You can only choose your dependants – ie your husband/wife/defacto, your children and any other dependants.
You cannot choose your sister, brother, parent (unless they are dependant on you – ie living with you and not paying rent/board/groceries etc).
2. If your lawyer has advised the use of testmentary trusts in your Will, or you have a huge estate, it is probably wise to seek legal advice. In most cases, you would nominate your “legal personal representative” or your “estate” to receive your superannuation.
3. If you are a state government employee (ie nurse, police officer), you will likely be a member of GESB super. You do not need to fill out this form, as your benefits will be given to your LPR/estate.
For many, filling out the form is quite simple.
Locate and review your superannuation statement. What fund is it? Do they have a website? Go to the website and search “Binding death benefit nomination” – ensure you have the correct super product.