Your superannuation could end up in the wrong hands Have you appointed a Binding Death Nomination on your superannuation? If not, now may be the time to do so! Most people are unaware that superannuation policies (including pensions) are one of the few types of assets that are not dealt with via a Will or your estate. Instead it is the superannuation fund’s Trustee who has the responsibility. Who are they and will they distribute the remaining balance of your superannuation appropriately?  Wouldn’t you rather have a say in this? For those of us who are members of a public offer fund the concept of leaving this kind of decision in a strangers hands is frightening. So how can this scenario be avoided? Appoint a binding death nomination on your superannuation. Today! A Binding Death Nomination is a legally binding set of instructions outlining how you wish your superannuation to be distributed upon death. It ensures that your superannuation does not fall into the hands of anyone other than your intended beneficiaries. An appropriate Binding Death Nomination can also ensure that your benefits are distributed to your beneficiaries in a tax effective manner, thus increasing their ultimate entitlement. Generally speaking Binding Death Nominations are valid for a period of 3 years, so if you’ve previously appointed a Binding Death Nomination you may need to ensure this remains valid. If you’d like to know more on appointing Binding Death Nominations, contact a representative of Morse Financial Services in Bathurst, Orange or Dubbo. Written by Dustin Bartholomew Dustin Bartholomew is a representative of Morse Financial Services Pty Ltd, AFSL No. 240689, ABN 61 003 485 742. The information contained herein is general in nature and not personal advice. It is based on our understanding of the current taxation and superannuation laws and is current as at 1 July 2009.