Members' estate and SMSF succession planning

Members' estate and SMSF succession planning

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1 Objectives of succession planning and general recommendations  
1.1 Introduction  
1.2 Terminology  
1.3 LPR  
1.4 Critical case: Wooster v Morris
1.5 Reading  
2 Applicable Laws  
2.1 Definition of an SMSF
2.2 Reading  
3 What are the governing rules of the fund?
3.1 Why are the governing rules important?
3.2 Identify all deeds (not just current deed)
3.3 Correct execution
3.4 Also identify change of trustee documentation
3.5 Where a deed is lost
3.6 Reading  
4 Power to appoint and remove the trustee  
4.1 Introduction
4.2 First method — principal employer is appointor
4.3 Second method — outgoing trustee is appointor  
4.4 Third (and preferred) method — members (or their LPRs) are the appointor
4.5 How does loss of capacity affect the appointor power?  
4.6 How does death affect the appointor power?
4.7 The length of time LPR may act until fund ceases being SMSF
4.8 Reading
5 Office of SMSF trustee
5.1 Importance of who occupies the office of trustee
5.2 Individuals vs corporate trustees  
5.3 Advantages of a corporate trustees and sole purpose corporate trustees  
5.4 Directors and shareholders of corporate trustees
5.5 Shareholding of corporate trustees
5.6 Reading  
6 Enduring powers of attorney (‘EPoA’)  
6.1 Introduction
6.2 Why EPoAs are vital
6.3 Who should be the attorney?  
6.4 How the attorney is appointed as trustee or director  
6.5 Relevant legislation  
6.6 EPoAs compared to other powers of attorney  
6.7 The ability to use ‘limited’ EPoAs
6.8 Number of attorneys
6.9 Where an attorney is already a director or trustee  
6.10 Where there is no EPoA .
6.11 Conclusion  32
6.12 Reading  32
7 Members’ wishes
7.1 Introduction
7.2 How and to whom death benefits can be paid  
7.3 Leave to discretion
7.4 Lump sum to LPR
7.5 Lump sum to a dependant
7.6 Pension to a dependant  
7.7 No pension to an estate
7.8 Non-commutable pension with capital to children
7.9 Reading  
8 Making a will  
8.1 Introduction
8.2 Who should be the executor?
8.3 Hotchpot clause
8.4 Death benefits should be kept separate
8.5 Executor obtaining super benefits  
8.6 Where a member dies without a will
8.7 Reading  
9 Locking in wishes
9.1 Introduction
9.2 Discretion
9.3 Alternatives to BDBNs  
9.4 Hard-wired deeds
9.5 Death benefit rules and SMSF wills  
9.6 Mutual wills agreement
9.7 Removing money from the SMSF system before death
9.8 Reading


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