A Binding Will

Hi Scott,

Due to tragic circumstances my son was killed over three years ago, and as a result I received his super. However, the claim process was an ordeal and most upsetting. I was a ‘non-binding beneficiary’ so I had to claim co-dependency. Now I am updating my own will and I am not sure what to do. Can you please explain it to me, and suggest where I can get some help.

Lisa

Hi Lisa,

I’m sorry for your loss. I see this all the time, most people don’t understand that your super is separate to your will. Basically, if you don’t specify to your super fund who you want your death benefit to go to -- the fund will have the final say. There’s an easy fix though: call your super fund and ask them for a ‘binding death benefit nomination form’. This allows you to decide who you want your death benefit to go to. It’s valid for three years from the date of signing, so keep it updated.

Scott