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Is the description"Personal Legal Representative" sufficient description on a BDN, or does a beneficiary have to be nominated by name?
I can see that a PLR can be changed without reference to SMSF at any anytime.
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For a death benefit nomination to be binding it must be made to a dependant. A dependant is defined by the SIS legislation as a spouse of the person, a child of the person, or a person that has an interdependency relationship. A death benefit nomination can also be made to the "legal personal representative" (LPR) of the member. The LPR does not need to be nominated by name on the death benefit nomination. The Fund's deed should be reviewed to check that the nomination has been correctly prepared.
Thanks
SMSF AAA