It is of paramount importance that, if a member of a self-managed superannuation fund (SMSF) is considering making a death binding nomination, the member should be familiar with the definition of “dependant” and to whom superannuation benefits can be cashed.
the absence of a nomination, a trustee has the discretionary power to determine how the benefits should be distributed in accordance with the trust deed, trust law and the superannuation legislation. However, if the rules in the trust deed are inconsistent with the superannuation legislation, the latter will prevail.
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Malkin Lawyers is a progressive boutique law firm located in Melbourne's South Eastern Suburb of Berwick, Victoria. Established in 2007 we have been servicing the legal needs of both individuals and business in the local community, statewide and nationally.