News : BDBNs

BDBNs, SMSF

Digital BDBN approval very risky

Digital BDBN

Executing a binding death benefit nomination is legally allowable, but exposes SMSF trustees to a significantly higher level of risk.

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BDBNs, Trusts

Deed specificity key to certainty

SMSF trust deed

A trust deed needs to be very specific in its governing rules to ensure an SMSF is not subject to unwanted legal or regulatory conditions.

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Administration, ATO, BDBNs

BDBN myth dispelled

BDBN

A binding death benefit nomination can completely replicate the terms of a reversionary pension, but in a more practical fashion.

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BDBNs, Death benefits, Pensions

Child pension can trump BDBN

Binding death benefit nomination

The creation of a child pension may create better tax outcomes for the beneficiaries of an SMSF member compared to a BDBN after the death of that member.

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BDBNs

Detailed BDBN document search key

BDBN documents search

Attempts to locate binding death benefit documents must go beyond a superficial search for them if trustees are to satisfy their legal obligations.

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BDBNs, Estate Planning

Ensure estate plans match BDBN intent

estate planning BDBN

The certainty about the operation of a BDBN means SMSF advisers should ensure related estate planning matches the intent of the nomination.

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BDBNs

Undisclosed BDBNs still valid

BDBN valid

An SMSF expert has said a binding death benefit nomination does not need to be shared with fund trustees to be considered valid.

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BDBNs

BDBN dominance confirmed by Hill v Zuda

BDBN Hill Zuda

The status of BDBNs being more suitable to direct benefits compared to pension documents has been confirmed by the result of a recent High Court case.

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BDBNs, Estate Planning

Status of SMSF wills clarified

SMSF wills status

The use of SMSF wills is likely to increase after the Hill v Zuda case affirmed they were a legitimate way to bind death benefits to a beneficiary.

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BDBNs

No requirement to approve BDBN

BDBN approval

The Hill v Zuda case has confirmed SMSF members are not required to get trustee approval to make or change their BDBN.

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