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WHO CAN YOU NOMINATE?

You can only nominate your legal personal representative and/or your dependants. It’s important to get this right so that your nomination is valid.

 

Your legal personal representative is the person you appoint as the executor or administrator of your estate. Your dependants can be any of the following:

Your current spouse
Your current spouse
 

The person you are married to, in a de facto relationship with or living with as a couple.

Your child
Your child
 

Anyone who is your natural, step, adopted, ex-nuptial or current spouse’s child.

Financial dependant
Financial dependant
 

Anyone who receives regular financial assistance from you to maintain their standard of living.

Interdependency relationship
Interdependency relationship

Anyone you have a close relationship with (see the list below for details of who qualifies).

An interdependency relationship is where:

  1. You have a close relationship
  2. You live together 
  3. One of you provides the other with financial support, and
  4. One of you provides the other with domestic support and personal care.

(Note you don’t need to meet conditions 2-4 if one of you has a disability.)
 

Relevant circumstances include:

  • The length of the relationship
  • Whether it’s a sexual relationship
  • The ownership and use of property
  • A shared life
  • The care of children
  • Public acknowledgement of the relationship
  • Emotional support
  • Whether the relationship is only one of convenience, and
  • Evidence you both intended the relationship to be permanent.

 

If you want to nominate someone you have an interdependency relationship with, you should talk to your financial adviser and consider completing a statutory declaration addressing these points.

Be sure to review your nomination regularly

It is important to review your nomination regularly to make sure it is still appropriate. If you marry, separate or divorce, start a de facto relationship, have a child, or if someone you nominate has died, or is no longer dependent on you, then you should update it.

Disclaimer

Information on this webpage is provided by Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) and Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL). It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances.  You can find the Target Market Determinations (TMD) for our financial products at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should read the Financial Services Guide (FSG) available online for information about our services. This information is based on current requirements and laws as at the date of publication. 

Tax considerations are general and based on present tax laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information.

AIL and CFSIL are not registered tax (financial) advisers under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise under a tax law.