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.
binding death benefit nomination
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.
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.
“Death tax by stealth” – can it be managed?
The removal of anti-detriment payments, announced in the Federal Budget and effective from 1 July 2017, will have a profound effect on non-dependant beneficiaries receiving death benefit payments from un-taxed elements of superannuation funds. This is now commonly known as “Australia’s Death-Tax by Stealth”. Prior to 1 July 2017, where trustees allow it, it is […]
What happens when both members of an SMSF die at once?
It’s the call that every adviser dreads – the death of a client activates the estate planning toolkit of Will, Binding Death Benefit Nomination (“BDBN”) and reversionary nomination for SMSF pensions. But what if a husband and wife with their own SMSF both die in a car crash? At the same time? What is already […]
Critical components of SMSF estate planning
You may have seen coverage in the news of the Women and SMSFs report, jointly released by the CBA and the SMSF Association, indicating that more than half of SMSF members do not have an up-to-date Will or a succession plan. The research report surveyed 801 SMSF trustees, as well as 535 individuals without an SMSF, and […]
Battle of the giants: binding death benefit nomination vs reversionary pension
Binding death benefit nominations and reversionary pensions are two means available to members of an SMSF to select who is to receive their death benefit. But what happens if a member uses both and they clash?
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.