Landmark High Court decision on BDBNs20 Jul 2022
The High Court has recently held that a binding death benefit nomination (BDBN) for a self-managed super fund (SMSF) can last indefinitely.
However, it is important to review the SMSF trust deed prior to preparing the BDBN to ensure that the deed allows this, as the BDBN must comply with the requirements of the deed.
Assuming the deed does allow this, the BDBN must be drafted to provide that it lasts indefinitely if that is what is intended.
If you need any advice or assistance in relation to BDBNs, please do not hesitate to contact Ian Tait on 08 9422 8111 or firstname.lastname@example.org.