In this guide
The membership of self-managed super funds (SMSFs) usually consists of spouses and other family members. So when a member passes away, there are important trustee decisions that must be made and implemented at a time when those same members are grieving the loss of a loved one.
Further stress can arise due to the strict timeframes that apply to many of these processes, particularly around changes that may need to be made to the trustee structure. It may be that a replacement trustee needs to be appointed to ensure the fund continues to meet the legislative requirements.
Other decisions about how and when a death benefit payment needs to be paid can also cause angst and stress.
So it is important that all SMSF trustees think about these issues well in advance and, where possible, have plans in place to deal with them.
