Your spouse and children may not receive your superannuation

If you want your superannuation fund to give your superannuation and life insurance to your loved ones, you need to nominate them on a Binding Death Benefit Nomination Form.

You must also receive a confirmation from your superannuation fund that the form is valid.

We are finding that superannuation funds have recently become strict when it comes to these forms. Consider the following:

– You have nominated your parents to receive your super

– You have nominated your sibling to receive your super

– You have not added your loved one’s address or date of birth

– You have not added your relationship with the beneficiary (ie spouse)

– You have ticked a box when it should have been crossed

– The form is not signed in front of two witnesses

– You used blue pen when it should have been black pen.

The superannuation fund will either reject the form and notify you, or reject the form and not notify you.

The latter is what has happened to a deceased. We act for the Executor (we didn’t act for the deceased).

The Executor and his loved ones were expecting payment of mum’s superannuation and life insurance to them.

Instead they were greeted with a raft of documents – much of it legalese.

Without a binding death benefit nomination, the superannuation fund is obliged to consider who was a dependent on the date of the deceased’s death.

The super fund is required to investigate whether there were also any interdependent relationships and this could take time and lots of paperwork. All the while the money is held with the superannuation fund generating income (but not to your benefit).

If you want to see if you have a binding death benefit nomination, call your super fund, check online or check your recent statements.

Stay Connected

More Updates

Concepts

Introducing “My Workbook”

How Great Southern Wills Reimagined The Letter Of Wishes This video tells you all you need to know about our “My Workbook” document that clients

Mythbusters

MAXWELL AND JING

Maxwell at the date of his death had never been married and did not have any children.  He had previously been in two long term

Meet The Team

Bernadette Duell

Principal Lawyer

Bernadette Duell

Principal Lawyer
Learn More

Paul Terry

Business Manager

Paul Terry

Business Manager
Learn More

Brayden Thompson

Administration Officer

Brayden Thompson

Administration Officer
Learn More

Rachael Cole

Paralegal

Rachael Cole

Paralegal

BOOK A FREE CONSULTATION WITH A SENIOR LAWYER TODAY

Your first consultation meeting with a Senior Lawyer from Great Southern Wills is FREE, and there’s no pressure or obligation to proceed.

In your FREE meeting, we’ll get to know you and discuss all your options. We can have this discussion at our office, over Zoom or in your living room – you choose.

To meet in our office or over Zoom – please click the “Book Online” button below and select a time that works for you.

If you would like our team to come to you and for all other enquiries, please call our office on 9800 1217 or contact us via email by clicking here.

The Law Has Changed

An update has occurred to Western Australian Law changing what happens if someone dies without a will.

These changes came into effect after March 30th 2022.

Learn about these changes by clicking the button below.