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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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Succession planning for SMSF trustees

Posted on Mar 15, 2016 by CFL Financial

A responsibility that does not immediately spring to mind when managing a self-managed super fund is working out what will happen if a member becomes incapacitated and unable to perform their trustee duties.

Succession planning for an SMSF can become quite complicated if not managed on an ongoing basis. It not only requires having a plan; trustees also must stay in touch with Australian superannuation rules as time passes.

Finding a replacement trustee can be difficult, and since appointing a replacement trustee, whether as an individual trustee or director of a corporate trustee, gives that person control over the super fund’s assets; particularly its investments and bank accounts, trustees should choose wisely.

Some may opt to appoint an enduring power of attorney (EPoA) as a replacement trustee. An EPoA is someone who is appointed to look after a member’s interests if they can’t do it themselves and can assume the member’s responsibilities (if that is how the fund is structured).

However, for an EPoA nominee to be appointed, legal documents i.e. the succession documents appointing the replacement director must be in place before the member loses their capacity to be a member.

A common misconception surrounding SMSFs is that a trustee’s legal personal representative (LPR) who is appointed under an EPoA can immediately assume the role of trustee of a self-managed super fund.

This is not entirely true, and ultimately depends on the provisions of the fund’s trust deed and whether there are appropriate legal documents in place to make this happen.

Essentially, a fund’s trust deed and corporate trustee company constitution should include the ability to easily appoint a successor trustee or director who assume the role of a member, should that member lose the capacity to perform their trustee duties.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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