Superannuation: Review your binding death nominations

With a significant proportion of the wealth of people now held in superannuation funds many people are unaware that the distribution of their superannuation entitlements after their death may not be covered by their will.
In many instances the distribution of their superannuation entitlements will be undertaken either pursuant to death benefit nominations made under the conditions of their superannuation fund, or at the discretion of the trustee of the fund.
It is essential that consideration is given to making a death benefit nomination and to then regularly reviewing those arrangements.
This is particularly relevant to self-managed superannuation funds (“SMSF”) where there are regular instances of such nominations not being made strictly in accordance with the trust deed establishing the SMSF, or the nomination failing to be reviewed on a regular basis as the circumstances of each member changes.
It is important that consideration as to your death benefit nomination be made at the same time as drafting a will to ensure your assets are distributed in accordance with your wishes and in the most efficient manner for your beneficiaries.