Binding Death Benefit Nomination

Most SMSF Trust Deeds allow for Non-Binding and Binding Death Benefit Directions. If your personal and family circumstances require that you should make a Binding Death Benefit Direction we can assist.

In the absence of a valid and enforceable Binding Death Benefit Nomination, Super Fund Trustees usually have a discretion to pay death benefits to essentially your spouse (defacto, current and former), children (natural and step), other dependants or your Estate.

Any Binding Death Benefit Direction you make should be part of an overall estate plan and certainly it should be reviewed in conjunction with your Will.

If you would like to make a Binding Death Benefit Direction please complete this Order Form and return it to us.

How to prepare a Binding Death Benefit Nomination/Direction that is binding. 

Your Enduring Powers of Attorney 

A recent Queensland Supreme Court case (Re Narumon Pty Ltd [2018] QSC 185) has confirmed that your Attorney under an Enduring Power of Attorney may (if permitted under the Fund rules) confirm or revoke or vary and existing Binding Death Benefit Nomination or make a new Nomination (even if there is no specific provision in your EPA document permitting this to occur).  

Many people make specific provision in their EPA document to allow this to occur.

For those who do not want their attorney to be able to this (there are often many good reasons) the effect of the Narumon decision is that now you should, within the terms of your EPA document, specifically restrict your attorney from being able to do so.

It now highly recommended that your review your EPA document particularly if:-

• your attorney is also the Executor nominated in your will;
• you have included a conflicts clause in your EPA document;
• you have made a lapsing or non-lapsing Binding Death Benefit Nomination;
• you have children from a previous marriage.
• you have children that don’t get along (or might not get along in the future).

What will it cost?

After reviewing your situation and instructions we will provide you with a costs disclosure before doing any work for you. 

There is no obligation if you decide not to proceed after receiving our costs disclosure.