Recorded Webinar: Succession Planning for SMSFs: Care, Capacity and Control

Each member of an SMSF should implement and review a personal succession plan suitable for their individual circumstances. It is the only way to ensure that the right people receive the intended proportion of SMSF assets at the right time, and that the right people maintain control. This session looks at the key issues involved, including:

• Why a SMSF succession plan is important
• Trust deed and succession planning - rules for power to appoint and remove trustees
• Does your trust deed allow for legal personal representatives?
• Corporate trustee constitutions - their importance in succession planning
• Establishing appropriate appointor power
• Developing a risk management strategy for loss of capacity or unanticipated event
• Elder abuse and fraud risks with SMSFs
• The importance of enduring powers of attorney
• Can the attorney change binding death benefit nominations?
• Case study - Wooster v Morris [2013] VSC 594