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Explanatory Memorandum Binding Death Benefit Nominations 1. General Requirements It is essential that these procedures be followed in order for a proper Binding Death Nomination to be made.2.(a)Ensure
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How to fill out binding death benefit nominations

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How to fill out binding death benefit nominations

01
To fill out a binding death benefit nomination, follow these steps:
02
Obtain the necessary form from your superannuation fund. This form may be available on the fund's website or by contacting the fund directly.
03
Read the form carefully and understand the instructions and requirements for completing it.
04
Provide your personal details, including your full name, date of birth, and member or account number.
05
Nominate the beneficiaries who you want to receive your superannuation death benefits. Include their full names, relationship to you, and their percentage share of the benefit.
06
Consider any restrictions or conditions that may apply to the nomination, such as age or relationship requirements, and ensure you meet those criteria.
07
If necessary, seek professional advice from a financial advisor or lawyer to understand the implications of your nomination and ensure it aligns with your overall estate planning strategy.
08
Sign and date the form, following any witness requirements specified by your superannuation fund.
09
Submit the completed form to your superannuation fund by the specified method (e.g., mail, email, or online submission). Keep a copy for your records.
10
Review and update your binding death benefit nomination periodically to reflect any changes in your circumstances or wishes.

Who needs binding death benefit nominations?

01
Binding death benefit nominations are relevant for individuals who want to ensure their superannuation death benefits are distributed according to their wishes.
02
This can be particularly important for people who:
03
- Have specific intended beneficiaries in mind for their superannuation benefits.
04
- Want to override the default distribution rules set out by the superannuation fund or legislation.
05
- Have complex family or financial situations that require a more customized approach to distributing their death benefits.
06
- Want to provide clarity and avoid potential disputes among potential beneficiaries.
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