Get the free Binding death benefit nomination - AustralianSuper

Binding death benefit nomination Please complete in pen using BLOCK letters. Print X to mark boxes where applicable. Form must be completed in full. Before completing form, please read important information

How to fill out binding death benefit nomination

How to fill out binding death benefit nomination:

1. Start by gathering the necessary documentation. You will typically need your superannuation fund's binding death benefit nomination form, which you can usually find on their website or by contacting them directly. Make sure you have your personal details, such as your full name, date of birth, and contact information, readily available.
2. Read the instructions carefully. Each superannuation fund may have slightly different requirements and processes for completing the binding death benefit nomination. Take the time to understand the guidelines provided to ensure you meet all the necessary criteria.
3. Identify your beneficiaries. Determine who you want to receive your superannuation death benefit in the event of your passing. This can include your spouse, children, or other dependents. Consider their financial needs and circumstances when making these decisions. You may also want to seek legal or financial advice to ensure you understand the tax implications and distribution options for your nominated beneficiaries.
4. Complete the form accurately. Fill in all the required fields on the binding death benefit nomination form. Double-check your information for any errors or typos before submitting it. Be sure to include the full names, dates of birth, and relationship details of your nominated beneficiaries.
5. Nominate the percentage allocation. Indicate the percentage of your superannuation death benefit that you want to allocate to each beneficiary. Make sure the total allocation adds up to 100%. You may also have the option to specify any conditions or restrictions for the distribution of your benefits amongst your beneficiaries. For example, you can outline that the benefit should be divided equally among your children or that a certain portion should be held in trust for a specific period.
6. Get witnesses and signatures. Most superannuation funds require you to have your binding death benefit nomination witnessed and signed. Generally, you will need two witnesses who are over the age of 18 and not listed as beneficiaries on your nomination form. They should sign the form and include their full name, address, and occupation to validate the document.
7. Submit the completed nomination form. Follow the instructions provided by your superannuation fund to submit your binding death benefit nomination. This may involve mailing the form to a specific address or submitting it electronically through their online portal. Keep a copy of the completed form for your records.

Who needs binding death benefit nomination?

1. Individuals with superannuation funds: If you have a superannuation fund, it is essential to consider making a binding death benefit nomination. This nomination ensures that your superannuation death benefit is distributed according to your wishes and bypasses the discretion of the fund trustee.
2. Those who want control over their superannuation benefit: By making a binding death benefit nomination, you have the power to determine who will receive your superannuation death benefit and how it will be distributed among your nominated beneficiaries. This can provide peace of mind and ensure that your assets are passed on in a way that aligns with your intentions.
3. Individuals with specific beneficiary requirements: If you have dependents who rely on your superannuation death benefit for financial support, a binding death benefit nomination allows you to specify the conditions and restrictions for the distribution of your benefits. This can be especially important in cases where you want to protect assets for minor children or individuals with special needs.

Note: It is crucial to regularly review and update your binding death benefit nomination to reflect any changes in your circumstances, such as marriage, divorce, or the birth of children. Seek professional advice from a lawyer, financial advisor, or your superannuation fund if you have any questions or concerns about completing a binding death benefit nomination.

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What is binding death benefit nomination?

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

Who is required to file binding death benefit nomination?

Superannuation fund members are required to file a binding death benefit nomination if they want to ensure that 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 superannuation fund member must follow the instructions provided by their superannuation fund and provide the necessary information such as the names and percentages of beneficiaries.

What is the purpose of binding death benefit nomination?

The purpose of a binding death benefit nomination is to provide certainty and direction as to who will receive the superannuation benefits upon the member's death.

What information must be reported on binding death benefit nomination?

The binding death benefit nomination must include the names and percentages of beneficiaries who will receive the superannuation benefits.