A Binding Death Benefit Nomination so as the name suggests is binding on the trustee. It’s legally binding, so the Super Fund needs to pay your benefit in accordance with your nomination. On the nomination, you can put your Will, so that your super balance is distributed in accordance with what your Will says or you can put it a financial dependent such as your child or your spouse. You don’t have to put a nomination on your Super Fund in the event that you choose not to, then that Super Fund has discretion on where to pay your balance. By not having a nomination on your Super Fund, the Fund can only pay your benefit out to a limited number of people.
Watch the video to find out more or speak to our Ulton Wealth Management team.