Will LawyerBinding Death Nominations (I heard it on the radio)
Binding Death Nominations need to be completed carefully if they are to be effective.
It is also important to consider who is being nominated as a beneficiary – otherwise there can be unwelcome tax consequences.
A recent superannuation case decided Binding Death Nominations cannot be disclaimed and the parties involved were caught with the unwelcome tax consequences as the nominated beneficiaries were not death benefit dependents and receipt of the benefit was subject to tax.
The Binding Death Nomination in that case was made by the SMSF member on the basis of “comments heard on a radio station.” [...]
