If you don’t have a Binding Death Benefit Nomination (BDBN) then the trustee of your Super Fund who may also be your Legal representative has discretion as to how the funds and directed after you die.
Your Superannuation balance, including any potential proceeds from life insurance policies, will usually not form part of your estate and therefore your Will won’t be able to dictate where the balances go.
What is a Binding Death Benefit Nomination
Therefore, if you want certainty as to where your superannuation balances go after death a Binding Death Benefit Nomination is essential.
If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com
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