This might seem like something you can deal with later, but the consequences of this delay could be devastating for the people you care about.

Many Australians don’t realise that your superannuation doesn’t automatically follow their will or become part of their estate. Even if they have a perfectly up-to-date will, it’s their super fund trustee who has the responsibility of distributing your super money to their dependants according to superannuation law.

Without clear instructions from you, there’s a risk your super could go to someone other than who you intended.

If you don’t have a valid binding nomination of your beneficiaries in place when you die, it can also cause significant delays in your beneficiaries getting your super. There’s a much greater risk of family disputes, and in the worst cases, your loved ones might even have to go to court to establish their right to your superannuation benefits.

When someone dies without a valid binding beneficiary nomination, trustees must investigate who should receive your super. This process can take months or at worst, years, leaving grieving families in financial limbo precisely when they need certainty most.

If binding nominations are so important, why haven’t you made one yet? You’re not alone in this oversight. The traditional way this has been done under the super laws has been genuinely difficult. Most super funds still require you to complete paper forms, which must be signed by two independent witnesses, then post the forms back to the fund. Then they require you to renew your nomination every three years when it lapses. It’s bureaucratic, time-consuming, and easy to forget.

If you’re an Aware Super member, you’re fortunate to be with one of only a few super funds offering a revolutionary solution. Aware Super has introduced online, binding, non-lapsing nominations that you can complete through Aware’s secure member portal in just a few minutes.

Once you’ve validly selected your beneficiaries online, your choice takes effect immediately and remains in place unless you decide to revoke or change it. No more worrying about expired nominations or forgotten renewal dates.

When you have a valid binding nomination in place, you’re giving your family several crucial advantages. First, you’re ensuring payments to your nominated beneficiaries can be processed swiftly and efficiently. You’re also preventing the trustee from having to make complex decisions during what will already be a difficult and distressing time for your family.

Most importantly, you’re maintaining control over your financial legacy. Your super might be your largest asset after your family home, and you shouldn’t leave its distribution to chance.

If you’re an Aware Super member, you can secure your family’s future in minutes by logging into your online account and completing your non-lapsing binding nomination. If you’re with another fund, contact them immediately to understand your options.

Lastly, don’t forget that to be a valid nomination it has to be your dependant or someone you’re in an interdependent relationship with. General advice only. Consider your objectives, financial situation, or needs, which have not been accounted for in this information and read the product disclosure statements and target market determination at
aware.com.au/pds before acting.

Issued by Aware Super Pty Ltd (ABN 11 118 202 672, AFSL 293340) trustee of Aware Super (ABN 53 226 460 365).