What happens if the nominee of a Death Benefit Nomination dies at the same time (say, in a car accident) as the nominator?
In these circumstances, the law says that the oldest person is taken to have died first. If more than two persons die simultaneously then they are taken to have died in the order from oldest to youngest. So, if the nomination: • Is binding, then the older person’s nomination will vest in the younger person. The younger person’s binding nomination will not vest because the nominee is deceased: any payment would then have to be made in accordance with the relevant deed; and • Is non-binding, then the trustees will use their discretion and distribute the relevant members’ benefits as they see fit and in accordance with the relevant trust deed.