Get the free BINDING NOMINATION NON-LAPSING OF BENEFICIARY FORM

BINDING NOMINATION (COLLAPSING) OF BENEFICIARY FORM Complete this form if you wish to make a nonlapsing nomination of beneficiary’s) that is binding upon the trustee. It can also be used to amend

How to fill out binding nomination non-lapsing of

How to fill out binding nomination non-lapsing of:

1. Obtain the necessary form: The first step in filling out a binding nomination non-lapsing form is to obtain the form itself. This can usually be done by requesting it from your superannuation fund or downloading it from their website.
2. Fill in your personal details: The form will typically require you to provide your personal details, including your full name, date of birth, and contact information. Make sure to double-check the accuracy of this information before proceeding.
3. Nominate your beneficiaries: The main purpose of the binding nomination non-lapsing form is to designate who will receive your superannuation benefits in the event of your death. Clearly state the full names of your chosen beneficiaries and their relationship to you, such as spouse, children, or other dependents.
4. Specify the percentage or amount: You may have the option to specify how you want your superannuation benefits to be distributed among your beneficiaries. You can either allocate a specific percentage or a fixed sum of money to each individual. Consider your beneficiaries' financial needs and circumstances when making this decision.
5. Nomination validity period: The binding nomination non-lapsing form will also require you to specify the duration of your nomination. This means deciding how long you want your nomination to remain in effect. It is crucial to understand the rules of your superannuation fund regarding nomination validity, as they can vary between funds.

Who needs binding nomination non-lapsing of:

1. Individuals with specific wishes: If you have specific wishes regarding the distribution of your superannuation benefits after your death, a binding nomination non-lapsing form can ensure that your wishes are followed. It provides you with control over who receives your superannuation benefits and in what proportions.
2. Individuals with complex family arrangements: If you have a blended family, former spouses, or dependents who are not automatically recognized by law as beneficiaries, a binding nomination non-lapsing form can help clarify your intentions. This form allows you to designate beneficiaries who may not be considered under default superannuation laws.
3. Estate planning purposes: People who engage in estate planning often utilize binding nomination non-lapsing forms to ensure their superannuation benefits are distributed in line with their overall estate plan. By making a binding nomination, you can align your superannuation intentions with other estate planning strategies you have implemented.

Note: It is always advisable to seek professional financial advice and consult with a legal professional when completing any binding nomination non-lapsing forms to ensure your intentions are valid and legally enforceable.

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What is binding nomination non-lapsing of?

Binding nomination non-lapsing of is a type of nomination that does not expire and remains valid until changed or revoked by the individual.

Who is required to file binding nomination non-lapsing of?

Individuals who wish to nominate beneficiaries for their assets or investments in the event of their death are required to file binding nomination non-lapsing of.

How to fill out binding nomination non-lapsing of?

To fill out a binding nomination non-lapsing of, individuals must provide details of their nominated beneficiaries and ensure the form is signed and witnessed as required.

What is the purpose of binding nomination non-lapsing of?

The purpose of binding nomination non-lapsing of is to ensure that the individual's assets or investments are distributed according to their wishes in the event of their death.

What information must be reported on binding nomination non-lapsing of?

Binding nomination non-lapsing of must include details of the nominated beneficiaries, the percentage or amount allocated to each beneficiary, and the individual's signature and witness.