We are thrilled to share that our co-founder, Chris Hill, recently appeared on the SMSF Adviser Show podcast, hosted by Keith Ford and Aaron Dunn. In this insightful episode, Chris, who leads the legal team at Inherit Australia, delves into the complex interplay between enduring powers of attorney (EPA) and self-managed super funds (SMSFs).
Navigating Incapacity and Estate Planning in SMSFs
During the episode, Chris emphasizes the critical need for SMSF professionals to proactively engage in discussions with their clients about incapacity and estate planning. He highlights the often-overlooked fact that an enduring power of attorney isn't just a legal safeguard—it can also come with significant responsibilities tied to the management of an SMSF.
Key Takeaways:
Understanding the Role of an EPA in SMSFs: Chris explains the pivotal role an EPA plays within the definition of an SMSF, stressing the importance of being well-versed in how these responsibilities can affect both the attorney and the fund.
The Importance of a Fund Guardian: Chris discusses why it’s essential to consider appointing a trusted professional as a “fund guardian.” This role ensures that someone with expertise is looking out for the fund’s best interests, especially when the original trustee may no longer be capable of fulfilling their duties.
Collaboration for the Member’s Best Interests: The conversation also explores how the roles of an EPA and a fund guardian can complement each other to protect the member's best interests, ensuring that their SMSF is managed effectively even in challenging circumstances.
We invite you to listen to the full episode to gain a deeper understanding of these critical issues and to hear Chris’s expert advice on how to navigate the complexities of SMSFs in the context of estate planning and incapacity.
Stay tuned for more insights and updates from Inherit Australia, where we continue to provide valuable resources and guidance for professionals in the estate planning and SMSF sectors.
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