Superannuation is designed to fund your retirement. Because of this, the law requires that your super benefits be paid out from the fund upon your death. The only time this does not happen is when a pension is paid to a surviving spouse or a young child. So this raises an important question: who receives your super benefits, especially when you have a Self Managed Super Fund (SMSF)?
What is a SMSF Binding Death Benefit Nomination?
When you pass away, your superannuation must be paid out of the fund. A Binding Death Benefit Nomination is a docum,emted legal directive that ensures you, and not the SFSM trustee, decide who receives your super. It provides certainty that your financial legacy is managed precisely according to your wishes.
Benefits of a Binding Nomination
- Complete Certainty. A binding nomination is a strict instruction. Unlike a non-binding nomination, which is only a guide, the trustee is legally required to follow your directions.
- Full Control. You determine exactly who receives your superannuation benefits. This removes the trustee’s discretion and avoids any potential disputes or unintended outcomes.
- Peace of Mind. By legally documenting your wishes, you ensure your super is distributed correctly, protecting your assets and providing clarity for your loved ones during a difficult time.
Our Nomination Documentation Service
We make the process of securing your superannuation simple and clear. We work with you to create a legally valid nomination that accurately reflects your intentions and complies with all superannuation laws.
- Expert Guidance. We provide clear advice to help you create a valid and effective nomination for your SMSF.
- Simple Process. Our service is designed to be straightforward, helping you secure your legacy without complication.
- Regular Reviews. Like a Will document, a binding death nomination should be reviewed regularly to ensure it stays current with your circumstances. We can assist with this process.
How we can help
Having a documented and legally compliant Binding Death Nomination for your SMSF is a key part of providing transparency and certainty for yourself and your family.
Contact us for a confidential chat about your SMSF needs.
