SMSF succession services and documents
DBA Lawyers offers a range of SMSF succession services and documents which are tailored to deliver sound succession outcomes that are strategically linked to a member’s personal estate plans.
Our services and documents are the best available as they include many value-added strategies that other providers do not offer, and our expert SMSF lawyers review all documents providing a secure foundation for your SMSF succession plans.
| Services | Description |
| SMSF Succession Diagnostic Service
– Click here for more information |
A personalised consulting service to assist clients with their SMSF succession plans, helping them achieve their objectives with as much certainty as possible and minimising future risk of legal challenge.
The scope our engagement generally involves reviewing relevant background facts and source documents; undertaking investigation and research to confirm issues requiring further consideration; and providing initial oral feedback in a video conference (eg, Zoom) or phone call for up to 1.5 hours. |
| Binding death benefit nominations (BDBNs)
– Click here for more information |
Though many of our clients rely on the value-added free template BDBN form provided with the product disclosure statement in our SMSF documentation, some clients wish to have a tailored nomination in place prepared by an SMSF lawyer.
Our tailored BDBN service is recommended where clients have more complicated wishes for their death benefits, (eg, cashing particular interests or allocating assets to dependants or their estate, or implementing child pension nominations). |
| Timely payment of benefits
– Click here for more information |
An advice service regarding how to achieve a legally effective and timely withdrawal of super benefits (eg, where a member is over age 60) prior to a person’s death.
If appropriate, our lawyers can also assist in preparing documents to record asset transfers from an SMSF to a fund member who has satisfied a relevant condition of release on an ‘as soon as practicable’ basis subject to legal constraints. |
| Documents | Description |
| SMSF Deed
– Click here for more information |
DBA Lawyer’s SMSF deed can smooth SMSF succession planning by providing flexibility for:
– a person’s executor to become a trustee/director in place of a deceased member; |
| Company Constitution
– Click here for more information |
DBA Lawyers’ company constitution can succession planning by providing flexibility for:
– an executor or attorney acting under an Enduring Power of Attorney to become a director and still remain compliant with the trustee/member rules; |
| Death Benefit Payment Deed
– Click here for more information |
A death benefit payment deed catering for a common succession planning objective for two member funds in a manner that is optimised for the transfer balance cap rules.
The documents ensure that upon death, any account-based pensions being received by a member automatically revert to their spouse up to the spouse’s transfer balance account. The member can then select whether they want any remaining balance to be paid as a lump sum either to a nominated beneficiary or to their estate (LPR). |
| BDBN disclaimer documentation
– Click here to contact us |
Documentation to disclaim any present or future entitlement to a death benefit arising under a BDBN. |
| Hardwired SMSF deed and tailored succession documents
– Click here to contact us |
Tailored SMSF and pension documents, including special deeds of variation to provide for restricted non-commutable pensions and other relevant succession documents, to achieve personalised solutions for your clients |
| Conditional member admission
– Click here for more information |
Documentation for new member(s) to be admitted to an SMSF subject to agreed conditions for cessation of membership. |
| Exclude potential beneficiaries | Documentation to exclude potential beneficiaries can minimise legal risk where the relationship with potential dependants has soured or ceased, eg, falling out with a family member. Since an SMSF is a trust, the SMSF trustee must generally act appropriately in relation to all potential beneficiaries who may claim a benefit, especially after a member’s death. A potential beneficiary may also seek documentation to undermine the SMSF trustee’s decision to pay a death benefit. We can prepare documents minimising such risks. |
| Successor director appointment
– Click here for more information
|
Documentation for a nominated person to be automatically appointed as a director of a company upon the loss of capacity or death of the appointing director.
Please note that the DBA Lawyers’ company constitution includes a standard form for successor director appointments. |
Why do you need an SMSF succession plan?
Though often overlooked, succession planning is a critically important aspect of successfully operating an SMSF. Every SMSF member should develop, implement and regularly review a personal succession plan to ensure there is a smooth process in place for succession to control of the fund and other succession arrangements appropriate for their individual circumstances.
SMSF succession planning broadly aims to ensure that:
- the right people receive the intended proportion of SMSF money and assets; and
- the right people gain control of the SMSF to make certain that superannuation benefits are paid as intended; and
- outcomes are provided in a timely fashion, with minimal uncertainty and in as tax efficient manner as possible.
Many people have outdated, inappropriate or no SMSF succession plan that may result in considerable uncertainty surrounding the future control of the fund and the ultimate payment of their super benefits.
Effective succession planning considerations
There is no easy ‘one size fits all solution’ for SMSF succession. However, there are some general considerations that should be taken into account. For more information, click here.
For more information and related articles
For more information on succession planning, click on the articles listed below:
- Planning your exit: a guide to SMSF succession planning — Part 1
- Planning your exit: a guide to SMSF succession planning – Part 2
- SMSF Succession Diagnostic Service
- Advantages of a DBA Lawyers company
- Preserve the intended control of a company using successor directors
For more information on some of the strategic reasons why our SMSF documents are so highly regarded, click on the article listed below:
For more information on the advantages of a DBA Lawyers company and our company documents, click on the articles listed below:
- Advantages of a DBA Lawyers company
- Preserve the intended control of a company using successor directors
