Question
Can I generate a 'Non-Lapsing' Binding Death Benefit Nomination (BDBN) on NowInfinity?
Answer
Yes, you can generate a non-lapsing BDBN on our platform as the NowInfinity BDBN template is non-lapsing by default.
Please note:
As indicated in the warning message that appears when you select the BDBN template (refer below), the SMSF Trust Deed, member's Will and estate planning objectives should be reviewed to ensure that any nomination is not inconsistent with them.
NowInfinity does not guarantee the validity of a BDBN, including non-lapsing, as it is dependent on the terms of your client's SMSF Deed as to whether it allows for non-lapsing. It is incumbent upon the Trustee/Member to apply the appropriate type of nomination.
The NowInfinity BDBN allows for a number of different nomination scenarios, including 100% to Legal Personal Representative in the event the named spouse does not survive the member. In this situation the BDBN states that in the event the spouse has survived, the member makes no binding nomination.
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