SuperGuide

Superannuation and retirement planning information

SMSFs and estate planning: Issues to consider after the death of a SMSF member

SMSFs and estate planning: Issues to consider after the death of a SMSF member

In this article we look at the estate planning issues that are relevant at the SMSF level. This includes how insurance proceeds must be dealt with, tax outcomes for the fund that need to be considered, the payment processes and requirements around member benefits and what considerations may be relevant to the future of the fund.

Insurance proceeds

It’s not uncommon for SMSF members to hold some level of personal insurance cover within their fund, including life insurance, total and permanent disability (TPD) and in some cases, income protection insurance. Some SMSFs may even hold a trauma policy for fund members where that policy was taken out before July 2014.

Read more about insurance inside super.

About the author

Garth McNally

Garth has worked in the Australian Superannuation industry for over 20 years with a specific focus on self-managed super funds. He provides ongoing support and training to individuals as well as to professionals working in the superannuation area, including advisers, accountants and lawyers. He is a regular contributor to industry publications and to the leading professional bodies including Chartered Accountants Australia & New Zealand (CA ANZ).

Learn more about SMSF estate planning in the following guides:

Related topics

SMSF estate planning SMSFs

IMPORTANT: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more