{"id":1896,"date":"2010-10-18T23:10:01","date_gmt":"2010-10-18T23:10:01","guid":{"rendered":"http:\/\/www.dbalawyers.com.au\/wp\/?page_id=1896"},"modified":"2024-03-04T19:15:26","modified_gmt":"2024-03-04T08:15:26","slug":"binding-death-benefit-nomination","status":"publish","type":"page","link":"https:\/\/www.dbalawyers.com.au\/binding-death-benefit-nomination\/","title":{"rendered":"Binding Death Benefit Nomination"},"content":{"rendered":"<div class=\"holder-box\">Click\u00a0<strong><a href=\"http:\/\/www.dbanetwork.com.au\/webinars\/dbalawyers\/seminars3\/12062\/13827\/SMSF-Online-Updates-21-Apr-2023-single-session.html\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a><\/strong>\u00a0to register for DBA Network Pty Ltd&#8217;s 90 minute online webinar &#8216;Best practice for advisers handling binding death benefit nominations&#8217; (a fee is payable to DBA Network for this webinar).<\/div>\n<div><\/div>\n<p><a href=\"http:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2024\/02\/binding_death_benefit_nomination.pdf\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-636 size-full\" src=\"http:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2010\/08\/button_download_order_form1.gif\" alt=\"\" width=\"150\" height=\"24\" \/><\/a><a href=\"https:\/\/www.dbalawyers.com.au\/costs-agreement\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-14925 size-full\" src=\"http:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2023\/09\/download_costs_agreement.gif\" alt=\"\" width=\"183\" height=\"24\" \/><\/a><br \/>\n<span style=\"color: #ff0000;\"><br \/>\n\n<table id=\"tablepress-39\" class=\"tablepress tablepress-id-39\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\">Description<\/th><th class=\"column-2\">Softcopy *<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\">Binding Death Benefit Nomination (BDBN)<\/td><td class=\"column-2\">$1,250<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td colspan=\"2\" class=\"column-1\">* Additional fees for hardcopy documents apply, Click <a href=\"https:\/\/www.dbalawyers.com.au\/dba-price-list\/\">here.<\/a><br \/>\nPricing includes GST.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/span><\/p>\n<h2><strong>What\u2019s Included:<\/strong><\/h2>\n<ul>\n<li>Covering letter and BDBN completion checklist<\/li>\n<li>The member\u2019s nomination<\/li>\n<li>Trustee resolutions<\/li>\n<li>Notification letter<\/li>\n<li>Memo outlining key information on BDBNs.<\/li>\n<\/ul>\n<h2><strong>Why should I have a BDBN?<\/strong><\/h2>\n<p>A member\u2019s superannuation benefit (along with any applicable insurance proceeds received by the member\u2019s fund) is often the member\u2019s most significant asset at the time of their death apart from their family home. However, many people are unaware that their will does not cover what happens with their superannuation.<\/p>\n<p>Under most SMSF deeds, the payment of a member\u2019s death benefit is left to the trustee\u2019s discretion unless there is a BDBN that removes the trustee\u2019s discretion to choose between the legal personal representative (<strong>LPR<\/strong>, eg, executor) or a dependant of the deceased member.<\/p>\n<p>Accordingly, a BDBN can play a crucial role and provide much greater certainty as to who gets the member\u2019s superannuation proceeds on their death. It is also vital that a person\u2019s BDBN is prepared in conjunction with their estate and succession plans, including their will; ie, a wholistic approach is needed rather than focusing merely on a BDBN as the BDBN is one part of a person\u2019s estate plan.<\/p>\n<h2><strong>SMSF governing rules<\/strong><\/h2>\n<p>DBA Lawyers\u2019 BDBN service requires a DBA Lawyers\u2019 SMSF deed which is no more than 5 years. An extra fee applies if we are to prepare a BDBN based on another deed supplier. Click <a href=\"https:\/\/www.dbalawyers.com.au\/smsf-deed-update\/\">here<\/a> for information on an SMSF deed update.<\/p>\n<p>Many SMSFs have numerous documents forming part of the fund\u2019s deed history (including any change of trustee documents). Note that all prior documents impact the effectiveness of subsequent documents. Thus, if there is any shortcoming or issue with the fund\u2019s deed history, these shortcomings or issues can undermine the effectiveness of BDBNs and other strategies. We provide an SMSF Deed History Review service to review all prior documents. Please click\u00a0<a href=\"https:\/\/www.dbalawyers.com.au\/smsf-deed-history-review\/\"><strong>here<\/strong><\/a>\u00a0for further information.<\/p>\n<h2><strong>Scope of BDBN service <\/strong><\/h2>\n<p>This service covers:<\/p>\n<ul>\n<li>a percentage share of the member\u2019s death benefit is specified for each dependant and\/or LPR nominated; and<\/li>\n<li>the member to specify a cascading direction using a first tier and second tier nomination (eg, in the event that a first tier dependant predeceases the member, the benefit is paid to the second tier dependant\/LPR).<\/li>\n<\/ul>\n<p>However, more complex requests may fall outside the above scope and a premium service may be required for an additional fee. Some of these examples include:<\/p>\n<ul>\n<li>payment of specific interest to a member\u2019s dependants or to their LPR; or<\/li>\n<li>payment of a specific asset (eg, a real estate) to a dependant.<\/li>\n<\/ul>\n<p>We can provide an estimate for our premium BDBN service once we confirm your instructions and background details, including a copy of your current SMSF deed, will, pension and any other relevant documents.<\/p>\n<p>To assist in determining if you require our premium tailored BDBN service, click\u00a0<a href=\"https:\/\/www.dbalawyers.com.au\/when-should-you-consider-having-a-specifically-tailored-bdbn\/\"><strong>here<\/strong><\/a>.<\/p>\n<p>Click\u00a0<a href=\"https:\/\/www.dbalawyers.com.au\/contact?subject=Binding%20death%20benefit%20nomination\"><strong>here<\/strong><\/a> to contact us regarding our premium service offering for BDBNs.<\/p>\n<h2>For more information and related articles<\/h2>\n<p>For more information about SMSF succession planning strategies, click on the link below:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.dbalawyers.com.au\/smsf-succession-planning\/\">SMSF Succession Planning<\/a><\/li>\n<\/ul>\n<p>For more information about BDBNs, click on the articles listed below:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.dbalawyers.com.au\/smsf-deeds\/the-bdbn-landscape-post-hill-v-zuda\/\">The BDBN landscape post-Hill v Zuda<\/a><\/li>\n<li><a href=\"https:\/\/www.dbalawyers.com.au\/smsf-deeds\/can-an-attorney-via-an-epoa-make-or-revoke-a-bdbn\/\">Can an attorney (via an EPoA) make or revoke a BDBN?<\/a><\/li>\n<li><a href=\"https:\/\/www.dbalawyers.com.au\/smsf-deeds\/smsf-wills-versus-bdbns-what-is-best\/\">SMSF Wills versus BDBNs &#8211; what is best?<\/a><\/li>\n<li><a href=\"https:\/\/www.dbalawyers.com.au\/smsf-deeds\/the-legal-minefield-of-bdbns-updated\/\">The legal minefield of BDBNs (updated)<\/a><\/li>\n<li><a href=\"https:\/\/www.dbalawyers.com.au\/smsf-compliance\/reversionary-pension-v-bdbn-which-one-wins\/\">Reversionary pension v BDBN: which one wins?<\/a><\/li>\n<li><a href=\"https:\/\/www.dbalawyers.com.au\/ato\/reversionary-pension-vs-bdbn-which-outcome-is-preferred\/\">Reversionary pension vs BDBN: which outcome is preferred?<\/a><\/li>\n<li><a href=\"https:\/\/www.dbalawyers.com.au\/ato\/reconciling-inconsistencies-between-reversionary-pension-nominations-and-bdbns\/\">Reconciling inconsistencies between reversionary pension nominations and BDBNs<\/a><\/li>\n<\/ul>\n<div class=\"printfriendly pf-button  pf-alignleft\"><a href=\"https:\/\/www.dbalawyers.com.au\/binding-death-benefit-nomination\/?pfstyle=wp\" rel=\"nofollow\"  title=\"Printer Friendly, PDF & Email\"><img decoding=\"async\" class=\"pf-button-img\" src=\"https:\/\/cdn.printfriendly.com\/buttons\/printfriendly-pdf-button.png\" alt=\"Print Friendly, PDF & Email\" style=\"width: 112px;height: 24px;\"  \/><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Click\u00a0here\u00a0to register for DBA Network Pty Ltd&#8217;s 90 minute online webinar &#8216;Best practice for advisers handling binding death benefit nominations&#8217; (a fee is payable to DBA Network for this webinar). What\u2019s Included: Covering letter and BDBN completion checklist The member\u2019s nomination Trustee resolutions Notification letter Memo outlining key information on BDBNs. Why should I have [<a class=\"read-more\" href=\"https:\/\/www.dbalawyers.com.au\/binding-death-benefit-nomination\/\">read more<\/a>]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binding Death Benefit Nomination | Leading SMSF Law Firm<\/title>\n<meta name=\"description\" content=\"Binding Death Benefit Nomination\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dbalawyers.com.au\/binding-death-benefit-nomination\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" 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