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BINDING BENEFICIARY NOMINATION Retirement Solutions' fact sheet and form WHAT IS A BINDING BENEFICIARY NOMINATION?MAKING A VALID NOMINATION binding beneficiary nomination can provide you with greater

How to fill out binding death benefit nomination

How to fill out binding death benefit nomination

1. Gather the necessary information: You will need the full name and details of the beneficiary/beneficiaries you want to nominate for your death benefit.
2. Understand the rules and regulations: Familiarize yourself with the laws and regulations related to binding death benefit nominations in your jurisdiction.
3. Obtain the necessary forms: Contact your superannuation fund or financial institution to inquire about the specific forms required to submit a binding death benefit nomination.
4. Complete the forms: Fill out the forms with accurate and up-to-date information regarding yourself, the nominated beneficiary/beneficiaries, and the desired distribution of your death benefit.
5. Seek legal advice if necessary: If you have complex estate planning needs or are unsure about any legal aspects, it is recommended to consult with a legal professional.
6. Sign and witness the nomination: Ensure you sign the forms in the presence of two witnesses who are over 18 years old and not beneficiaries themselves.
7. Submit the nomination: Send the completed forms to your superannuation fund or financial institution as per their instructions.
8. Confirm receipt: Follow up with the fund or institution to confirm that they have received and accepted your binding death benefit nomination.
9. Review periodically: It is advisable to review your nomination regularly, particularly when significant life events occur, to ensure it aligns with your current intentions and circumstances.

Who needs binding death benefit nomination?

1. Any individual with a superannuation fund or certain types of life insurance policies may need a binding death benefit nomination.
2. Those who want to ensure that their death benefit is distributed as per their wishes and bypasses the discretion of the fund trustee.
3. Individuals who have specific beneficiaries in mind and want to provide financial support directly to them upon their death.
4. People who have complex family circumstances or dependents who may require financial stability after their passing.
5. Those who want to minimize the potential for disputes or challenges regarding the distribution of their death benefit.
6. Individuals who want to have greater control and certainty over the distribution of their superannuation or life insurance proceeds.

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What is binding death benefit nomination?

A binding death benefit nomination is a legal document that allows a member of a superannuation fund to specify who will receive their death benefits upon their passing, ensuring that the fund must pay out the nominated beneficiaries.

Who is required to file binding death benefit nomination?

Members of a superannuation fund who want to ensure their death benefits are distributed according to their wishes are required to file a binding death benefit nomination.

How to fill out binding death benefit nomination?

To fill out a binding death benefit nomination, the member must complete a form provided by their superannuation fund, specifying the beneficiaries and ensuring that it is signed and witnessed according to the fund's requirements.

What is the purpose of binding death benefit nomination?

The purpose of a binding death benefit nomination is to provide clear instructions on who should receive the death benefits from a superannuation fund, thereby avoiding any ambiguity and potential disputes among potential beneficiaries.

What information must be reported on binding death benefit nomination?

The information that must be reported includes the member's personal details, the names and details of the nominated beneficiaries, the relationship to the member, and signatures as required.