Luke on 2CC – What is a binding nomination and how does it work?

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired on Friday 19 May 2023. The topic this week for the show is: What is a binding nomination and how does it work?

Key topics covered include:

• Your Last Will and Testament (your will) has no control over your super?
• You need to have a binding nomination in place on every individual account you have.
• What is a binding nomination exactly? How is it different to a non-binding nomination?
• Did you know nominations can expire?
• You need a witnesses when you make your nomination.
• What happens in self-managed super funds?
• How do you make a binding nomination?
• What should you consider when making a binding nomination – consider the tax implications too for adult children.
• Blended families create more complex estate planning considerations – seek advice.
• Luke shares his top tips around making binding nominations.

https://www.envisionfinancial.com.au/wp-content/uploads/2023/05/The-Strategy-Stacker-Luke-Talks-Money-19052023.mp3

Also available on Apple Podcasts and Spotify – ‘The Strategy Stacker – Luke Talks Money’

Do you need help with your personal financial planning?

Have you got your binding nominations in place on each of your superannuation funds? It can be complicated, especially with blended families. Seek advice if you need help.

Luke as a Financial Planner can refer you to an accountant at no cost . Luke himself can help you set up a financial planning strategy to help you achieve your personal financial goals, including binding nominations attached to your super or account based pension. Make an appointment to confidentially discuss investment, super, insurance or retirement planning. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.

Luke will return to 2CC to talk about other matter matters next week. You can also catch up with ‘The Strategy Stacker – Luke Talks Money’ podcast at a time that suits you.

We look forward to your company again and Smart Money Strategy is out now.