Succession Planning and blended families
SMSFs are becoming an increasingly popular alternative to public superannuation funds because they allow people to control their own super investments for their retirement.
Accordingly, it is important for those people to make appropriate succession plans for their SMSF on their death or incapacity. This is particularly crucial where there are complex family structures involving blended families.
Armstrong Lawyers offer advice on:
- automatic reversionary pensions – so that a dependent beneficiary automatically receives a pension upon the member’s death; and
- hardwiring specific directions for the SMSF – by including special provisions in the deed (also known as a Super Will), or making an appropriate Binding Death Benefit Nomination (BDBN) and preparing a Mutual Wills Agreement to provide that the BDBN is not revoked in an inconsistent manner.
Powers of Attorney
Enduring Financial Power of Attorney
An Enduring Financial Power of Attorney allows your attorney(s) to act on your behalf as a trustee or director of a corporate trustee of your SMSF on your incapacity or if you reside overseas.
Customarily we also advise clients who are organising their affairs and estate to also consider granting other powers of attorney. For more information, visit our Drafting Wills, Powers of Attorney and Estate Planning page.