Get the free Binding Death Benefit Nomination - AustChoice

Binding Death Benefit Nomination This form allows you to nominate one or more beneficiaries to receive your benefits in the event of your death. Please read the conditions in section 5 of this form

How to fill out binding death benefit nomination

Point by point guide on how to fill out a binding death benefit nomination:

Understand the purpose:

Before filling out a binding death benefit nomination, it is important to understand its purpose. A binding death benefit nomination is a formal document that allows you to specify who will receive your superannuation benefits upon your death.

Review the superannuation fund's requirements:

Each superannuation fund may have their own specific requirements for filling out a binding death benefit nomination. It is important to review and understand the guidelines provided by your fund.

Obtain the necessary forms:

Contact your superannuation fund and request the appropriate forms for filling out a binding death benefit nomination. These forms may be available in hard copy or online.

Provide your personal details:

In the forms, you will typically need to provide your personal details such as your full name, date of birth, address, and superannuation account number. Ensure that these details are accurate and up to date.

Nominate your beneficiaries:

Specify the beneficiaries who will receive your superannuation benefits upon your death. You may have the option to allocate percentages of your benefits to multiple beneficiaries or choose a single beneficiary.

Consider any conditions or restrictions:

Some superannuation funds may have specific conditions or restrictions when it comes to binding death benefit nominations. These conditions could include limitations on who can be nominated as a beneficiary or requirements regarding the age of the beneficiary. Make sure to review and comply with any such conditions.

Seek professional advice if needed:

If you are unsure about any aspect of filling out the nomination form, it is advisable to seek professional advice from a financial advisor or lawyer. They can guide you through the process and ensure that your wishes are accurately documented.

Who needs a binding death benefit nomination?

A binding death benefit nomination is recommended for anyone with superannuation benefits who wants to have control over who receives their superannuation upon their death. It provides a clear instruction to the superannuation fund regarding the distribution of your assets, ensuring that your loved ones or nominated beneficiaries can benefit from your superannuation savings.

It is particularly important for individuals with specific preferences on how their superannuation benefits should be distributed, such as those with complex family structures, blended families, or non-traditional relationships. By having a binding death benefit nomination in place, you can have peace of mind knowing that your superannuation benefits will be distributed according to your wishes.

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What is binding death benefit nomination?

Binding death benefit nomination is a legal document that allows a member of a superannuation fund to nominate who will receive their superannuation benefits in the event of their death.

Who is required to file binding death benefit nomination?

Members of a superannuation fund are required to file a binding death benefit nomination to ensure their superannuation benefits are distributed according to their wishes.

How to fill out binding death benefit nomination?

To fill out a binding death benefit nomination, the member must complete the form provided by their superannuation fund and include details of the beneficiaries they wish to receive their benefits.

What is the purpose of binding death benefit nomination?

The purpose of binding death benefit nomination is to provide clarity and certainty on who will receive a member's superannuation benefits upon their death.

What information must be reported on binding death benefit nomination?

The binding death benefit nomination form must include details of the nominated beneficiaries, their relationship to the member, and the percentage of benefits they are to receive.