Some types of BDBNs need to be renewed regularly and are only valid if made correctly. They also limit flexibility, as trustees must follow the nomination even if your circumstances change.

When it comes to your Super, yes. Superannuation is not automatically covered by your will, so a valid binding death benefit nomination takes priority over what’s written in your will.

Yes, you can nominate your children as beneficiaries of your super.

A binding nomination requires the trustee to follow your instructions, while a non-binding nomination is only a guide and leaves the final decision to the trustee.

You can only nominate your parents if they are your dependants under superannuation law (e.g., financially dependent on you). Otherwise, your nomination won’t be valid.

Yes, challenges can be made if the nomination was not validly made, has expired, or if there are questions about capacity, undue influence, or dependency.

Most binding nominations last three years before they expire, unless you make a non-lapsing nomination (if your fund allows).