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binding nominations

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dideoh View Drop Down
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Joined: 14/February/2012
Location: Australia
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  Quote dideoh Quote  Post ReplyReply Direct Link To This Post Topic: binding nominations
    Posted: 19/August/2012 at 10:02
Further to my posts in Wills, I am now considering the ramifications of superannuation after death.
So my husband has made a binding nomination that I receive 100% of his super (which is in effect"our" super) if he dies before me. We have discussed the fact that when we entered our marriage 6 years ago, we were equal partners financially. I gave up my job to support him and his daughter then 12. He had no super at the time, I had $35,000 in super before marriage,which has just recently been used to buy our retirement house. (We are not rich by any means- at least not in terms of money -otherwise, we are!).
If I die before him and he does not change his super nomination, what happens?
His daughter (not mine) is a student and is 18 and we supported her until age 18. My 2 children (not his) are in their 30's and each has 2 children. Two of my grandchildren see my husband as their grandfather as he is the sole male around them to fulfil this role and he has significant contact with them.

 

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MartinO View Drop Down
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Joined: 02/March/2009
Location: Australia
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  Quote MartinO Quote  Post ReplyReply Direct Link To This Post Posted: 19/August/2012 at 12:08
If he does not make any further nominations if you predecease him, any remaining superannuation will be paid to his estate and distributed according to his will.
I am NOT a lawyer. Anything said is NOT legal advice.

Please post your legal questions in a forum rather than sending a PM. Thanks.

 

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Goldinator View Drop Down
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Joined: 25/February/2011
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  Quote Goldinator Quote  Post ReplyReply Direct Link To This Post Posted: 17/September/2012 at 22:50
In this scenario, the current binding nomination becomes invalid. If he dies, the trustee of his super fund will assess as to who entitles to the benefits. As his 18 years daughter is financially dependent on him, the trustee will consider her and anyone else who is his financial dependant. Hope this helps.      
www.superannuationblog.com.au

 

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