Binding death benefit nomination

For a binding death benefit nomination to be binding:-
  • It must be made in favour of a tax dependent.

  • It must be done using the approved form for the fund.

  • It must be witnessed.

  • It must be made whilst having mental capacity (so an elderly person may be wise to have their GP assess their cognitive powers).

A binding death benefit nomination only holds for 3 years.  After 3 years, it loses its validity.

Whilst a binding death benefit nomination must be followed by the super fund trustees and therefore creates certainty, it may not be the best option for you.  

You should not execute a binding death benefit nomination until you have completed a full estate planning review and done so with the input of your accountant, financial planner and estate planning lawyer.

At MRS, we will spend today planning for your success.