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How to fill out binding death benefit nomination

How to fill out binding death benefit nomination

1. To fill out a binding death benefit nomination, follow these steps:
2. Obtain the necessary forms from your superannuation fund or financial institution.
3. Read the instructions and requirements carefully to ensure you understand the process.
4. Provide your personal information such as full name, date of birth, and contact details.
5. Specify the beneficiaries by including their full names, relationship to you, and their share percentages.
6. Indicate whether the nomination is binding or non-binding. If you choose binding, it means the trustee must follow your instructions unless exceptional circumstances apply.
7. Sign and date the form in the presence of two witnesses who are over 18 years old and are not beneficiaries.
8. After completing the form, make copies for your records and submit the original to your superannuation fund or financial institution.
9. Review and update your binding death benefit nomination periodically or whenever significant life events occur, such as marriage, divorce, or the birth of a child.

Who needs binding death benefit nomination?

1. Anyone who has a superannuation fund or other forms of financial investments should consider filling out a binding death benefit nomination.
2. More specific individuals who may need it include:
3. - Individuals with substantial superannuation balances who want to ensure their benefits are distributed according to their wishes after death.
4. - People who have specific intentions on who should receive their superannuation benefits, as it provides certainty and reduces the likelihood of disputes among potential beneficiaries.
5. - Individuals with complicated family circumstances, such as blended families or estranged relationships, who want to provide clarity on the distribution of their benefits.
6. - Those who want to avoid their superannuation benefits being subject to the discretion of the trustee, allowing them to have more control over their legacy.
7. It is recommended to seek advice from a financial advisor or estate planning professional to understand the implications and determine if a binding death benefit nomination is appropriate for your situation.

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What is binding death benefit nomination?

A binding death benefit nomination is a formal request made by a member of a superannuation fund to specify who should receive their superannuation benefits in the event of their death.

Who is required to file binding death benefit nomination?

Members of a superannuation fund who want to ensure that their superannuation benefits are distributed according to their wishes upon their death.

How to fill out binding death benefit nomination?

To fill out a binding death benefit nomination, a member of a superannuation fund must follow the nomination process outlined by their fund, which typically involves completing a specific form provided by the fund.

What is the purpose of binding death benefit nomination?

The purpose of a binding death benefit nomination is to provide certainty and peace of mind to the member of the superannuation fund by specifying who should receive their benefit in the event of their death.

What information must be reported on binding death benefit nomination?

The binding death benefit nomination form typically requires the member to specify the nominated beneficiaries and the percentage of the benefit each beneficiary should receive.