Surviving the death of a member
SMSFs provide you with additional control over your estate plans as compared to typical retail, industry and employer funds. The rules of your SMSF, as set out in your trust deed and related documents, determine how the trustee structure is to be reconstructed on the death of a member as well as how death benefits are to be handled by you and your fund.
A lot of careful consideration needs to be given to understanding the member's wishes to ensure that your fund's trust deed and broader governing rules are drafted appropriately to achieve these requirements.
This Insight Paper details all the things you should take into consideration including executor acting as trustee, trustee succession, and alternative structures to assist you and your fund in surviving the death of a member.