In this guide
A recent court case, known as the Narumon case, demonstrates how important it is for self-managed super fund (SMSF) trustees to ensure their documentation is up-to-date, and that binding death benefit nominations are valid.
Power of attorney
The case involved the SMSF of one Mr Giles, deceased, and a company of which his second wife was a director. Prior to dying he lost capacity and his second wife assumed power of attorney.
“When he passed away, there were certain question marks about what to do with the fund,” explains Bryce Figot, special counsel with DBA Lawyers.
