Written by Victor Idoko. Narrated by AI.

Most people assume their Will controls everything they own.

But when it comes to superannuation, that assumption can be wrong.

For couples approaching or already in retirement, super is often one of their largest assets outside the family home. Yet superannuation generally sits outside the estate, meaning the trustee of the super fund—not your Will—determines who receives it unless you've deliberately directed otherwise.

In this episode, Victor Idoko explains how binding death benefit nominations work and why this relatively simple piece of paperwork can make a significant difference to how your wealth passes to your family.

You'll discover:

• Why your Will doesn't automatically control your super

• Who can receive a superannuation death benefit

• The difference between binding and non-binding nominations

• Why a binding nomination must be valid, correctly signed and witnessed

• Why many binding nominations can lapse after three years

• How a reversionary nomination can help continue an account-based pension to a surviving spouse

Victor also explores the potential tax consequences of different beneficiaries.

While super paid to a spouse is generally tax-free, financially independent adult children can face tax of up to 17% on the taxable component. On a $600,000 balance that is largely taxable, that could mean a tax bill approaching $100,000.

The episode also looks at what can go wrong when nominations are:

• Lapsed

• Invalid

• Outdated

• Inconsistent with the family's current circumstances

And with ASIC's June 2026 review highlighting that many death benefit claims can still take six months or more to resolve, keeping your paperwork current becomes even more important.

Finally, Victor provides a practical checklist for closing the gap:

Check your nomination. Confirm whether it's binding. Check the expiry date. Compare it with your Will. And if you're drawing an account-based pension, consider whether a reversionary nomination is appropriate.

Because you've spent decades building your wealth.

The final step is making sure it reaches the people you intend, as efficiently and as quickly as possible.

Hosted on Acast. See acast.com/privacy for more information.