Get the free Binding Death Benefit Nomination form - The Portfolio Service

Binding Death Benefit Nomination from The Portfolio Service Complete this form to make a new, amend or revoke an existing Binding Death Benefit Nomination in The Portfolio Service (TPS). You should

How to fill out binding death benefit nomination

How to fill out a binding death benefit nomination:

1. Obtain the necessary forms: Begin by obtaining the binding death benefit nomination form from your superannuation fund or financial institution. You may be required to contact them directly or access the form online.
2. Understand the requirements: Familiarize yourself with the specific requirements for completing the form. Each fund or institution may have slightly different guidelines, so it's important to read and understand the instructions thoroughly.
3. Fill in personal details: On the form, provide your personal details such as your full name, address, date of birth, and member or account number. Double-check the accuracy of these details to avoid any potential issues.
4. Determine your beneficiaries: Decide who you want to nominate as your beneficiaries. These can be individuals, such as family members or friends, or even organizations or charities. You may need to provide their full names, addresses, and relationship to you.
5. Specify the distribution: Indicate how you want your superannuation benefits to be distributed among your nominated beneficiaries. You may choose to divide the benefits equally among them or allocate specific percentages to each beneficiary. Be clear and precise in your instructions.
6. Seek professional advice: If you have complex family arrangements or financial circumstances, it's wise to seek advice from a qualified financial planner or lawyer. They can help ensure your binding death benefit nomination aligns with your overall estate planning and ensures your wishes are carried out.

Who needs a binding death benefit nomination:

1. Individuals with superannuation funds: Anyone who has superannuation funds should consider completing a binding death benefit nomination. This ensures that your superannuation benefits are distributed according to your wishes upon your death.
2. People with specific beneficiary preferences: If you have specific individuals or organizations in mind that you want to receive your superannuation benefits, a binding death benefit nomination allows you to specify this. Without one, the superannuation fund's trustee may have discretion in distributing your benefits, and it may not align with your preferences.
3. Those with complex family or financial arrangements: If you have dependents, multiple marriages, blended families, or other complex family or financial situations, a binding death benefit nomination can provide clarity in how your superannuation benefits are distributed. Seeking professional advice in such cases is highly recommended to ensure all factors are considered.

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What is binding death benefit nomination?

A binding death benefit nomination is a formal instruction given by a super fund member specifying how they would like their superannuation benefits distributed upon their death.

Who is required to file binding death benefit nomination?

Any super fund member who wants to specify how their superannuation benefits should be distributed upon their death must file a binding death benefit nomination.

How to fill out binding death benefit nomination?

To fill out a binding death benefit nomination, a super fund member should contact their super fund provider for the necessary forms and instructions. The form usually requires the member to specify the beneficiaries and the percentage of the benefit each beneficiary should receive.

What is the purpose of binding death benefit nomination?

The purpose of binding death benefit nomination is to ensure that a super fund member's superannuation benefits are distributed according to their wishes upon their death.

What information must be reported on binding death benefit nomination?

A binding death benefit nomination typically requires the member to provide details of the beneficiaries and the percentage of the benefit each beneficiary should receive.