QuoteReplyTopic: 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.
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.
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