A Binding Death Benefit Nomination (BDBN) is a legally binding instruction to your superannuation trustee, directing who receives your super and insurance benefits upon death.
It removes trustee discretion, ensures your chosen dependents or legal representative receive the funds, and generally lasts three years before requiring renewal.
The reason people typically prepare binding death benefit nominations (BDBN) is to direct who their superannuation is paid to in the event of their death.
If you do not have a BDBN in place, the trustee of your superannuation fund (generally) will be responsible for deciding who your superannuation benefits should be paid to.
An enduring power of attorney is a document which allows you to appoint one or more people to to make decisions on your behalf if you lose capacity.
You can grant those people (your attorneys) the power to make decisions in relation to either or both financial and personal matters (including health).
You can also put limits on an attorney’s power.
Effective estate planning is essential for protecting your assets and ensuring your wishes are carried out. While CGW Structures does not prepare estate planning documents such as Wills, we provide a range of ancillary documents that play a vital role in supporting your overall estate planning strategy.
Our estate planning support services include the preparation of key documents such as enduring powers of attorney, binding death benefit nomination (BDBN) forms for self-managed superannuation funds (SMSFs), trust documentation, and company documentation that help ensure your estate plan is comprehensive and up to date.
These documents are designed to work alongside your formal estate planning arrangements, helping you manage the distribution of superannuation benefits, trust assets and company interests in line with your intentions.
CGW Structures’ templates are regularly reviewed and updated to reflect the latest legislative requirements and best practice, giving you confidence that your supporting documents are compliant and reliable. Our streamlined processes and electronic delivery make it easy for accountants, advisers and individuals to access the documents they need, when they need them.
If you require formal estate planning documents or legal advice, our allied law firm Cooper Grace Ward is available to assist. Their experienced estate planning lawyers can help you develop a tailored estate plan, including Wills, testamentary trusts and powers of attorney, to ensure your wishes are legally protected.
By choosing CGW Structures, you benefit from efficient, accurate and up-to-date ancillary documents that support your estate planning objectives.
Contact CGW Structures today to find out how our estate planning support services can complement your overall estate plan and provide peace of mind.
