ESTS007 What happens when you can't manage your super? (520 words)

This article answers the common question of what do trustees and members of SMSFs do if or when they become incapable of managing their own fund. It outlines 5 options for your readers to investigate and discuss with you.

More than 1.1 million Australians manage their superannuation via a self-managed superannuation fund (SMSF) structure. Many are motivated by the desire to have control over their own money, the potentially lower costs, or the option to make investments that aren’t available to members of public offer funds. Whatever the reason, if you are a trustee of a SMSF, have you stopped to ask yourself, “Who will look after my super if I can’t?”

Members of SMSFs tend to be older than the population as a whole. While we are living longer and healthier lives, many people will reach the stage where they are no longer able to properly look after their financial affairs. Due to the high regulatory requirements controlling SMSFs, the penalties for not managing your fund correctly may be substantial. So what are the options?