Get the free Binding bdeath benefitb nomination - First State Super

Binding death benefit nomination Defined Benefit lump sum (excluding any lifetime pension) Use this form if you wish 1. Your personal details to make a new lapsing or nonlapsing binding death benefit

How to fill out binding bdeath benefitb nomination

How to fill out binding death benefit nomination:

1. Review your superannuation fund's requirements: Before filling out a binding death benefit nomination, it is essential to review the specific requirements and guidelines outlined by your superannuation fund. This step ensures you comply with any restrictions or conditions imposed by the fund.
2. Obtain the necessary forms: Contact your superannuation fund provider to request the appropriate forms for a binding death benefit nomination. These forms are usually available on their website or can be sent to you via mail or email.
3. Provide personal information: The forms typically require you to provide your full name, date of birth, residential address, and any other relevant personal details. Ensure this information is accurate and up-to-date.
4. Nominate your beneficiaries: Indicate the beneficiaries who will receive your superannuation death benefit upon your passing. Specify their full names, relationship to you, and their respective share percentages. It is crucial to be clear and specific when naming beneficiaries to avoid any confusion or disputes.
5. Consider your beneficiaries' entitlements: Take time to consider and understand how your superannuation death benefits will be distributed among your nominated beneficiaries. Depending on your circumstances, you might want to seek professional advice from financial planners or lawyers to ensure your nominations align with your intentions.
6. Witness the nomination: Binding death benefit nominations generally require witnesses to confirm the validity of the document. Check the specific requirements set by your superannuation fund regarding the number of witnesses needed and their qualifications. Usually, witnesses must be over 18 years old, not listed as a beneficiary, and not related to you.

Who needs binding death benefit nomination?

1. Individuals with superannuation funds: Anyone who holds a superannuation fund account should consider completing a binding death benefit nomination. This nomination allows you to have control over who will receive your superannuation death benefit after your passing, ensuring your loved ones are protected financially.
2. Individuals with specific beneficiaries in mind: If you have specific individuals or organizations that you wish to benefit from your superannuation death benefit, a binding death benefit nomination is necessary. Without a binding nomination, the superannuation fund trustees have the discretion to distribute the death benefit as they see fit, which may not align with your wishes.
3. Individuals with complex family situations: Individuals with blended families, multiple dependents, or unique family dynamics should strongly consider a binding death benefit nomination. This ensures greater certainty and clarity in distributing your superannuation death benefit, minimizing the potential for family disputes.

In summary, filling out a binding death benefit nomination involves reviewing your fund's requirements, obtaining the necessary forms, providing personal information, nominating beneficiaries, considering their entitlements, and getting the nomination witnessed. This nomination is essential for individuals with superannuation funds who want control over the distribution of their death benefits, especially those with specific beneficiaries or complex family situations.

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