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BINDING NOMINATION (COLLAPSING) OF BENEFICIARY FORM Complete this form if you wish to make a nonlapsing nomination of beneficiary(s) that is binding upon the trustee. It can also be used to amend

How to fill out binding nomination non-lapsing of

How to fill out binding nomination non-lapsing of:

1. Obtain the necessary forms: Contact your financial institution or insurance provider to request the binding nomination non-lapsing form. They will provide you with the required documentation.
2. Fill in your personal details: Start by providing your full name, address, contact information, and any unique identification numbers required by the institution.
3. Nominate your beneficiaries: Clearly state the full names, addresses, and contact information of the individuals or organizations that you wish to designate as your beneficiaries. Specify their relationship to you if applicable.
4. Specify the percentage allocation: Indicate the percentage of your assets or estate that you want to allocate to each beneficiary. Ensure that the total percentage adds up to 100%.
5. Review and sign the form: Carefully review all the information you have provided on the form. Make any necessary corrections before signing it. Date the document and include your signature.
6. Submit the form: Once completed and signed, submit the binding nomination non-lapsing form to your financial institution or insurance provider. Follow their instructions for submission, whether it be via mail, email, or in-person delivery.

Who needs binding nomination non-lapsing of:

1. Individuals with life insurance policies: If you have a life insurance policy, a binding nomination non-lapsing allows you to specify who will receive the policy benefits upon your death.
2. Superannuation fund members: Superannuation funds often require binding nominations non-lapsing to ensure that your superannuation benefits are distributed according to your wishes after your passing.
3. Trust owners: If you have a trust established, a binding nomination non-lapsing can help ensure that the appointed beneficiaries receive their entitlements as per your intentions.
4. Retirement account holders: For individuals with retirement accounts, a binding nomination non-lapsing can be used to dictate the distribution of your retirement savings upon your death.
5. Investment account holders: Some investment accounts may require binding nominations non-lapsing to determine who will inherit your investments or financial assets after your demise.

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What is binding nomination non-lapsing of?

Binding nomination non-lapsing is of the beneficiaries of a superannuation fund.

Who is required to file binding nomination non-lapsing of?

The superannuation fund members are required to file binding nomination non-lapsing.

How to fill out binding nomination non-lapsing of?

To fill out a binding nomination non-lapsing, members must specify the beneficiaries and the percentage of the benefit each will receive.

What is the purpose of binding nomination non-lapsing of?

The purpose of binding nomination non-lapsing is to ensure that the member's superannuation benefits are distributed according to their wishes.

What information must be reported on binding nomination non-lapsing of?

The information reported on binding nomination non-lapsing includes the names of the beneficiaries and the percentage of the benefit allocated to each.