Just as everyone should have a Will to ensure their assets are disposed of according to their wishes, and not according to the outdated Administration Act of 1903, everyone should have a binding death benefit nomination for their super and any associated life insurance, otherwise it is left to the discretion of the trustee.
Couples often have binding death benefit nominations in favour of each other, but what happens if the survivor of them does not have a chance to make a new binding death benefit nomination, e.g. in the event of mental incapacity, or death in the same accident?
It is possible to cover contingencies, but not with the standard wording of the pro forma binding death benefit nominations provided by the likes of AMP, MLC, Macquarie, etc. They need to be tailored.
For help and advice on tailored binding death benefit nominations and other estate planning issues see Michael Paterson & Associates.