{"id":56944,"date":"2018-11-07T15:34:14","date_gmt":"2018-11-07T04:34:14","guid":{"rendered":"http:\/\/www.ppmfunds.com\/?p=56944"},"modified":"2021-05-13T09:49:20","modified_gmt":"2021-05-12T23:49:20","slug":"important-succession-planning-considerations-for-smsf-trustees","status":"publish","type":"post","link":"https:\/\/www.ppmfunds.com\/important-succession-planning-considerations-for-smsf-trustees\/","title":{"rendered":"Don\u2019t leave it too late! Important succession planning considerations for SMSF Trustees"},"content":{"rendered":"


\nLisa Sinclair, Estate Planning Lawyer
\nNexus Law Group<\/strong><\/p>\n

\n

PPM has, for over 20 years been focused on successfully building the wealth of our individual clients and SMSF trustees. Part of our service in managing our clients investments, is also to work with related professionals to assist our clients plan, for not only their financial future, but also to establish appropriate arrangements and structures to plan for their financial future when one or more of our clients is no longer alive. Estate planning is an important issue that should be considered by SMSF trustees, particularly where there is more than one trustee or more than one beneficiary under the fund. Whilst these conversations seem somewhat awkward at the time, they are important discussions to have and we have seen the benefits that forward planning brings.<\/p>\n

Recently, PPM has worked with Lisa Sinclair of Nexus Law Group, whose practice focuses in succession and estate planning, with a particular experience in assisting SMSF trustees. Given the increasing complexity, and unfortunately the increasing number of disputes in this area, we have asked Lisa to provide some insight of current issues that should prudently be considered before it is too late.<\/p>\n

Times have changed<\/strong><\/h3>\n

In days gone by it was common for your local solicitor to quickly whip up a simple will, probably in the office, in front of you perhaps and sign it then and there. Your will was generally then whisked away into the safe on the premises and a \u2018set and forget\u2019 approach to estate planning ensued.<\/p>\n

It may be argued that a simple will and a \u2018set and forget\u2019 approach is appropriate in certain circumstances. However, the circumstances in which this now applies are virtually non-existent in our modern world. The era in which a simple will was commonly accepted amongst professionals has ceased to exist because our social and financial landscape has changed almost beyond all recognition over the last 50 years.<\/p>\n

An estate planning lawyers\u2019 role is to protect the client\u2019s interests, so it is neither wise nor in the best interests of our clients not to make the appropriate enquiries and traverse to myriad of new and technical aspects to estate planning that exist today.<\/p>\n

Some may argue not much has changed at all, but consider the following situations for a moment:<\/p>\n