News : BDBNs

BDBNs, Death benefits, Documentation

In-specie benefits not a clean split

Death benefits that are paid out using in-specie assets need to be calculated carefully as they can strip money away from other beneficiaries.

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BDBNs, Tax, Trusts

BDBNs may hinder estate plans

BDBN Superannuation proceeds trust Binding death benefit nomination SMSF

A BDBN may not always be the best option for handling superannuation death benefits as it can lack the flexibility a trust structure provides.

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BDBNs, Documentation, SMSF

Avoid deed restrictions, but keep instructions

New SMSF deeds should not lock down the operation of BDBNs or pensions, but not be so open ended they lack any reference to how they will be executed at the appropriate time.

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BDBNs, Estate Planning, SMSF

BDBN execution hinges on witness process

BDBN Binding death benefit nomination Executor Will In the matter of Gainer Associates Pty Ltd Estate planning

A recent NSW Supreme Court case has underscored the estate planning risks associated with not properly executing a binding death benefit nomination tied to an SMSF.

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BDBNs, Death benefits, Documentation

BDBNs still contain basic error

binding death benefit nomination BDBN SMSF Self-managed superannuation View Legal Matthew Burgess SIS Act

Errors are still being made on SMSF binding death benefit nominations with regard to naming a legitimate recipient of the deceased member’s benefits.

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BDBNs

BDBNs go past initial member death

SMSF Self-managed superannuation Estate plan binding death benefit nomination BDBN View Legal Matthew Burgess

In order for an SMSF estate plan to be robust, the implementation of a BDBN must deal with situations beyond the death of the original member.

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AFCA, BDBNs, Superannuation

Federal court upholds BDBN decision

Corbisieri Nguyen BDBN AFCA Nguyen v Australian Financial Complaints Authority [2024] FCAFC 77 Federal Court

The Federal Court has ruled a suicide note sent via text message was not sufficient to terminate a relationship for the purposes of a binding death benefit nomination.

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BDBNs, Death benefits, SMSF, Superannuation

BDBN reforms supported

SMSF BDBN Superannuation death benefits Deed Enduring power of attorney

Proposed BDBN reforms put forward by the Law Council of Australia have gained a tick of approval from SMSF professionals.

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BDBNs, Death benefits, Estate Planning

Review fund deed when circumstances change

BDBN Seperation De facto Trust deed SMSF

It is crucial to review the trust deed of a fund in the breakdown of a spousal relationship to ensure estate planning strategies can continue to operate as intended.

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Administration, BDBNs, Death benefits, Documentation

Case shows need for BDBN paper trail

SMSF BDBN Capacity Death benefit NSW Supreme court

The NSW Supreme Court has deemed a BDBN made on the day of an SMSF member’s death valid, despite a challenge in relation to the deceased’s capacity to execute the document.

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