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BINDING DEATH BENEFIT NOMINATION Use this form to make a new binding beneficiary nomination or to renew, change or cancel an existing binding beneficiary nomination 1. Personal Information: NSF Super

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How to fill out binding death benefit nomination:

1. Start by obtaining the necessary paperwork from your superannuation fund or financial institution that manages your superannuation account. This paperwork typically includes a binding death benefit nomination form.
2. Read the instructions provided on the form carefully. It is crucial to understand the requirements and restrictions associated with filling out the nomination form.
3. Begin by entering your personal details, such as your full name, date of birth, and current address, as requested on the form. Double-check the accuracy of the information provided to avoid any errors.
4. Identify the dependents or beneficiaries you wish to receive your superannuation proceeds in the event of your death. Depending on your circumstances and the rules set by your superannuation fund, you may be required to provide their full names, dates of birth, and relationship to you.
5. Indicate the percentage or specific amount of your superannuation that you want each dependent or beneficiary to receive upon your death. Carefully consider these allocations and make sure they reflect your wishes accurately.
6. Sign and date the nomination form, adhering to any witnessing requirements specified by your superannuation fund or financial institution. Usually, the form needs to be witnessed by two adults who are not listed as beneficiaries.
7. Keep a copy of the filled-out nomination form for your records. It is also advisable to notify your nominated dependents or beneficiaries about your decision and instruct them where to find the document in case of your passing.
8. Remember that binding death benefit nominations are valid for a specific period, usually three years, unless your fund allows for longer periods. Regularly review and update your nomination, especially after significant life events like marriage, divorce, or the birth of a child.

Who needs binding death benefit nomination:

1. Individuals with a superannuation account who have dependents or beneficiaries they wish to receive their superannuation proceeds in the event of their death.
2. People who want to ensure that their superannuation is distributed according to their wishes, rather than relying on their superannuation fund's standard discretionary distribution process.
3. Individuals who may have complex family structures or prefer a specific allocation of their superannuation assets among their dependents or beneficiaries. A binding death benefit nomination allows them to have control over these allocations.
4. Individuals who want to provide clarity and avoid potential disputes or conflicts amongst their dependents or beneficiaries regarding the distribution of their superannuation upon their death.
5. People who wish to have peace of mind knowing that their superannuation proceeds will go to their intended recipients and align with their estate planning goals.

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What is binding death benefit nomination?

A binding death benefit nomination is a formal instruction to the trustee of a superannuation fund, specifying who should receive your superannuation benefits in the event of your death.

Who is required to file binding death benefit nomination?

Anyone with a superannuation fund who wants to ensure that their benefits are distributed according to their wishes.

How to fill out binding death benefit nomination?

You need to download the form from your superannuation fund, fill in the required details, and return it to the fund trustee.

What is the purpose of binding death benefit nomination?

The purpose is to ensure that your superannuation benefits are given to your chosen beneficiaries and not left to the discretion of the trustee.

What information must be reported on binding death benefit nomination?

You must specify the names and details of your chosen beneficiaries, along with the percentage of benefits you wish each to receive.