What are the options for paying superannuation death benefits? What are the options for paying death benefits from a SMSF? What situations can BDBNs be tailored to address? Advantages of Using Conditional BDBNs; Disadvantages of Using Conditional BDBNs.
BDBN
Can grandchildren be beneficiaries of BDBNs?
Often a member of a superannuation fund will want to provide for their spouse and, if the spouse should predecease them to their children and, if one of the children predeceases them, to the issue of the deceased child; that is, their grandchildren.
Are tailored BDBNs the magic bullet for SMSFs?
A BDBN is one which is subject to special conditions which can make it useful to deal with various modern estate planning issues.
Major decision by SA Court of Appeal on validity of BDBN
A significant decision has been handed down by the South Australian Court of Appeal regarding whether a binding death benefit nomination (BDBN) was valid.
Estate planning benefits can make a low-balance SMSF worthwhile
As estate planning and SMSF specialists, would we advise a client to set up a self-managed super fund (SMSF) in order to achieve a better estate planning outcome?
Beware the transfer balance cap trap
Strategic estate planning is key to ensuring flexibility in crises. Although you may not consider yourself at risk of exceeding the transfer balance cap following 1 July 2017, you may in fact be at risk, irrespective of your own superannuation account balance. One of the most important aspects to consider in light of the introduction […]
Court holds non-lapsing BDBN not binding
An application by the Trustee of a public offer fund that a non-lapsing BDBN made by a member of the fund was not binding on the Trustee due to the subsequent occurrence of a disqualifying event has been upheld by the NSWSC. The trust deed specified that the nomination was only binding if the Trustee […]
Dishonest executor wins big in absence of a Binding Death Benefit Nomination
When thinking about estate planning for your super death benefits, Brian Hor – Special Counsel, Superannuation & Estate Planning with Townsends Business & Corporate Lawyers stresses that it is absolutely crucial to put into place a valid Binding Death Benefit Nomination to provide certainty regarding how your death benefits will be paid – especially where there is any potential for a conflict of interest to arise between your intended beneficiaries.