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Self-managed Super Funds

June 08, 2017

This week we have been finalising:

(a) The change of trustee of an SMSF from the two individual members to a new corporate trustee;
(b) A change of the rules of the SMSF to some up-to-date rules, the old rules being about six years old and not compliant with the SIS Act; and
(c) A power of attorney from the new corporate trustee to each of the members of the super fund, which comes into force on the death or incapacity of either member, with their two sons jointly appointed in the event that something happens to both – the equivalent of an Enduring Power of Attorney for the company, allowing it to be run by the attorneys if something happens to one or both members without the need for a grant of probate, or a State Administrative Tribunal order.

For assistance with Wills and Estate Planning, see Michael Paterson & Associates.


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