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Walshs are leading financial advisors in Brisbane, providing accounting and strategic financial planning advice.

T: 61-7-3221 5677
Email: E : enquiries@walshs.com.au

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Level 24/10 Eagle Street, Brisbane QLD 4000

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Sunday, 16 June 2019 / Published in Uncategorized

How to establish a binding death benefit nomination

A binding death benefit nomination (BDBN) is a written notice provided to the trustee of a super fund which explicitly nominates a beneficiary for the super benefit in the case of the fund owners death.

Individuals can choose to nominate either a dependent or a legal personal representative to receive the contents of their super fund. Dependents can be a spouse, child, or any other person(s) who could be seen as financially dependent on you at the time of death. Nominating a legal personal representative means the super benefit will become part of the individual’s assets and will be distributed as dictated by their will.

A BDBN is valid if:

  • The member has named dependent(s) or a legal personal representative as the beneficiary.
  • Requirements in the Superannuation Industry Supervision Act 1993 (Cth) have been met.
  • The superannuation fund acknowledges acceptance of the BDBN.
  • The allocation of benefits has been clearly set out, with everything from the fund being allocated.
  • The nomination has been signed and dated by the owner of the fund (not a legal representative) and two witnesses who are over 18 and not receiving benefits.

Some funds also offer the choice between a lapsing and non-lapsing binding nomination. Lapsing nominations must be renewed or reviewed after a certain period, in most cases three years. Non-lapsing funds, however, are permanent unless changed or reviewed by the owner.

Members should note that not all super funds offer the option for BDBN and individuals can only make a nomination if their fund allows them to. Other funds may not offer a choice between lapsing and non-lapsing nominations.

Contact us to learn more about eligibility and whether a BDBN is a good move for your future planning.[/vc_column_text][/vc_column][/vc_row]

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Walshs Practice was established in 1991 and has grown to become one of South East Queensland's leading accounting and financial planning firms. Walshs encompasses tax and accounting services, business structuring, wealth advice, business services, superannuation and retirement planning, finance, insurance, lending and estate planning all under one roof.

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All advice on this site is general in nature and does not take into account your personal circumstances. Please do not hesitate to contact one of our adviser accountants or financial planning advisers if you have a query that is specific to your circumstances.
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