- Property Law
- Aylward Game Solicitors
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- July 29, 2014
Self Managed Superannuation and Estate Planning
There are a significant amount of Self Managed Superannuation Funds in existence in Australia and ensuring that they are properly managed and administered is a very important task.
For any one who does have a Self Managed Superannuation Fund it is absolutely essential that they develop a comprehensive Estate Plan and as part of that process it is vital that they ensure that they attend to the preparation of an Enduring Power of Attorney.
The Legislation governing Superannuation Funds requires all members Self Managed Super Funds to be either Trustee of the Fund of Directors of a Corporate Trustee. If you lose capacity you cannot be a Trustee or Director. If you don’t have an Enduring Power of Attorney then your Self Managed
Superannuation Fund may not have a Trustee, it would then become a non-complying Fund and the Fund would have to be closed to avoid incurring the various significant penalties which flow for a non complying Self Managed Superannuation Fund.
To ensure that you have a comprehensive up to date Estate Plan please contact Ian Field.