Four tweaks to your DIY fund will make things easier not just for you but for your loved ones too.
is a document that allows this power to continue even if the donor is no longer capable of doing it themselves .
SMSF rules have special safeguards that allow someone who holds an enduring power of attorney for a member to be a trustee on behalf of the donor. This is one of the very unusual situations where someone can be a member of the fund but notIt can be critical in making sure the SMSF continues if something happens to the donor and they can’t be a trustee any more but still have money in the fund.In short, anyone who has an SMSF should also have an enduring power of attorney.
Bear in mind, for example, that a validly completed binding death benefit nomination is – true to label – binding. It means your superbe dealt with exactly as you’ve stated even if that’s not the best approach for your family. That’s fine if you have thought about it with the same degree of care as you would with your will.
These are just a few of the many factors to be weighed up when thinking about binding nominations. It’s worth getting proper estate planning advice before signing anything binding.Finally, review the fund’s investment strategy documentation. Of course, most people with SMSFs are thinking about how their super is invested all the time. But documenting that careful consideration is also critical.
The ATO are giving this aspect of the fund’s record-keeping even more scrutiny than usual. So get ahead of the game and review exactly what is documented about the fund’s investment strategy, whether it gives enough detail about the issues the trustee has considered and whether the fund is actually investing in the way the documentation says it is.
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