Director signing the Binding Death Benefit Nomination (BDBN)

Question

When would a director sign a Binding Death Benefit Nomination (BDBN)?

Answer

Binding Death Benefit Nominations are generally signed by the member themselves in the presence of two witnesses. The respective Letter of Acceptance would then be signed by the trustee. In a situation where there is a corporate trustee, the director of that corporate trustee may sign the document. 

Note: The two witnesses should be non-related parties.

 

 

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