We are currently reviewing our clients' death nomination forms. Do you offer the service of assisting in this area, particularly if a reversionary beneficiary is nominated?

We don’t offer the service of reviewing existing binding death benefit nominations (BDBNs) as such, however we do provide BDBNs along with our Deed of Variation service (and also our SMSF establishment service).

If your concern is about preserving BDBNs that have already been made, the BDBN will continue in effect after the existing SMSF deed has been replaced with our SMSF deed, provided that the BDBN was validly made in the first place, and the nominated beneficiaries (including any reversionary beneficiaries) are “dependants” as defined in the superannuation legislation (and/or the member’s legal personal representative).

By “reversionary beneficiaries” (refer above), we mean any beneficiary nominated in a BDBN that is only to receive the member’s benefits in the event that the first nominated beneficiary should predecease the member.

If an existing SMSF deed is to be upgraded by us, and a member of that SMSF has already made a BDBN, it may be simplest for that member to use the BDBN forms that we provide to make a new BDBN, which would have the effect of revoking any existing BDBN.  Note in this regard that the BDBNs that we provide include clear instructions as to how the BDBN is to be signed and witnessed, as well as who may receive the benefits (i.e., who is a “dependant”).  Our BDBN forms also allow for reversionary beneficiaries (as well as primary beneficiaries) to be nominated.

Alternatively, any existing BDBNs can be retained by the member along with other documents in relation to the SMSF.  As stated above, an existing valid BDBN will continue to be legally effective after the SMSF deed has been upgraded by us.

Click here to login and update your SMSF deed (and receive new BDBNs).