Get the free Binding death benefit nomination New, Confirm ... - 2020 Directinvest

Binding death benefit nomination New, Confirm or Revoke Please complete this form to make a new, confirm or revoke a binding death benefit nomination. You should also read the What happens when you

How to fill out binding death benefit nomination

How to fill out binding death benefit nomination:

1. Gather necessary information: Before filling out a binding death benefit nomination, gather all the necessary information such as your superannuation fund details, beneficiaries' full names and addresses, and their relationship to you.
2. Download the form: Visit your superannuation fund's website or contact them to obtain the binding death benefit nomination form. It is usually available as a downloadable PDF document.
3. Read the instructions: Take the time to carefully read the instructions provided with the form. This will ensure that you understand the process and any specific requirements.
4. Fill in your personal details: Begin by providing your personal information, including your full name, date of birth, and member number. Make sure to use your legal name and provide accurate details.
5. Choose your beneficiaries: Indicate the beneficiaries who will receive your superannuation death benefit. Specify their full names, addresses, and the percentage of benefit each will receive. You may also need to state their relationship to you.
6. Consider alternate beneficiaries: In case your primary beneficiaries are unable to receive the benefit, it is wise to nominate alternative beneficiaries. This ensures that your superannuation death benefit will go to someone else you trust.
7. Seek legal or financial advice: If you are unsure about certain aspects or have complex circumstances, it may be beneficial to seek the advice of a legal or financial professional to ensure the accuracy of your nomination.
8. Sign and date the form: Once you have completed all the necessary sections, sign and date the form. Check if witnesses are required and ensure they also sign accordingly.
9. Submit the form: Submit the completed and signed form to your superannuation fund. Follow the instructions provided on how to submit the form (electronically or by mail) and retain a copy for your records.

Who needs binding death benefit nomination?

1. Self-managed superannuation fund members: If you have a self-managed superannuation fund (SMSF), it is important to have a binding death benefit nomination. This ensures that your superannuation death benefit is distributed according to your wishes and prevents disputes among potential beneficiaries.
2. Those with specific preferences: If you have specific preferences on how your superannuation death benefit should be distributed, a binding death benefit nomination is essential. It allows you to have control over who receives your benefits and in what proportion.
3. Individuals with dependents: If you have dependents relying on your superannuation death benefit, a binding death benefit nomination ensures their financial security after your passing. This could include a spouse, children, or any individuals who are financially dependent on you.
4. Those seeking certainty: A binding death benefit nomination provides certainty as it legally binds the superannuation fund to distribute your death benefit according to your instructions. Without a binding nomination, the fund trustee may have discretion in deciding the distribution, which may not align with your wishes.

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What is binding death benefit nomination?

Binding death benefit nomination is a formal nomination made by a superannuation fund member specifying who should receive their superannuation benefit 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 to ensure their superannuation benefit is distributed according to their wishes.

How to fill out binding death benefit nomination?

To fill out a binding death benefit nomination, a superannuation fund member must complete the necessary form provided by their fund, specifying the beneficiaries and the percentage of benefit each should receive.

What is the purpose of binding death benefit nomination?

The purpose of binding death benefit nomination is to provide certainty and control over the distribution of a superannuation benefit in the event of the member's death.

What information must be reported on binding death benefit nomination?

A binding death benefit nomination must include the full name and relationship of each beneficiary, as well as the percentage of benefit they are to receive.