We have seen ASIC recently fire a warning shot across the bow of professionals regarding the appropriate completion of binding death benefit nominations for their clients (http://bit.ly/asic-dbn). This media release by ASIC highlighted the importance of a carefully constructed death benefit nomination.
In this week's episode 30, Aaron discusses the topic of death benefit nominations to raise the point that they are all not the same, in particular when it comes to SMSFs. Understanding the fund's governing rules and process required for a DBN to be valid is critical to ensure the most appropriate and effective way of distributing death benefits. He is joined by Chris Hill, Lawyer and SMSF Specialist from Hill Legal to discuss the issues raised by ASIC with DBNs, how this translates for SMSFs and what practitioners need to focus on with their deeds and DBNs as a result of the super reforms.