The great thing about keeping the fund running is that there is no need to sell assets, stop pensions or pay extra taxes.
as you get older means you can share the burden of running the fund. Here’s what you need to know to make the process easier.
For example, say Jason and Claire have an SMSF and Jason is in the very early stages of dementia. He and Claire are the sole members and the sole directors of the trustee company. They have an enduring power of attorney for each other. Jason could resign as a director of the trustee company, leaving Claire as the sole director without withdrawing his balance. Normally this would be illegal . But in this case, it’s fine because Claire is his attorney.
This is tough for the attorney. If the fund breaks the rules, they don’t get off lightly just because it’s not their money and they’re doing someone a favour by running the fund.
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