New Report Identifies SMSF Trustees Failing at Estate Planning

 smsf trustees

A new report released by CBA and the SMSF Association, suggested that more than 50% of SMSFs don't have a current will or a succession plan in place.

In detail, the report outlined 78 per cent of SMSFs may have a will, yet only 49 per cent actually have one that’s up to date to reflect their current circumstances.

The research report surveyed 801 SMSF trustees as well as 535 individuals without an SMSF, and studied the behaviours, outlook and confidence levels.

Given the complexity of the inter-relationship between wills and trust deeds, and the growing number of blended families, the report writers believe statistics are set to increase.

The report further outlines only 40% had a succession plan in place and only 53% have an estate plan in place that effectively covers their family if they or any other trustees in their SMSF were to die suddenly.

It’s not all bad news however with a reported 91% of respondents confident that they would have sufficient knowledge to take over sole responsibility for managing their SMSF investments following a separation or divorce.

Do you have a succession plan and an estate plan in place? Does it cover your current circumstances? For a review of your circumstances, please contact your trusted PJT advisor on 07 5413 9300.

GENERAL ADVICE WARNING: This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.

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Jodie Thompson  ARN 277884, Wayne Patten ARN 277883, Matthew Dunn ARN 1243039 are Limited Authorised Representatives of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361

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About the author

Jodie is the Managing Director of PJT. She leads the team in making sure we are providing you with exceptional service and are always staying one step ahead. She now puts her experience in growing businesses into PJT.