Episode 162: Who gets your Super when you die?
You might have a Will, but does that mean your super will end up where you want it to? Following recent ABC News coverage suggesting around 15.7 million Australians may not have a binding death benefit nomination in place, Tim takes a look at how super death benefit nominations actually work — and why simply naming someone may not be enough.
In this episode, we cover:
- Why your super doesn't automatically form part of your estate or follow your Will
- Who you're actually allowed to nominate to receive your super
- What happens if you want your super to ultimately go to someone such as a niece, nephew, sibling or friend
- The difference between binding and non-binding death benefit nominations
- Why some binding nominations expire and the role of non-lapsing nominations
- The ABC News example where a member's nominated beneficiaries ultimately didn't receive his super
- Reversionary beneficiaries for retirement pensions
- Five simple things to check on your own super death benefit nomination
The key message is simple: don't assume that having a Will means your super is sorted. Take a few minutes to check your super account, see who you've nominated, whether your nomination is binding and current, and whether it still reflects what you actually want to happen. A little bit of planning now can provide much greater certainty about where your super ends up when you're no longer here.
Connect with Tim:https://www.linkedin.com/in/henrytim/ABC News Article https://bit.ly/4g8FWaS