Superannuation funds are trust structures that provides benefit to their members upon retirement. The main difference between self-managed superannuation funds (SMSFs) and other super funds is that SMSF members are also the trustees (controllers) of the fund.
Many retail superannuation funds, for example industry super funds or those offered by banks, may allow their members a degree of control in managing the investment types or risk profile of those investments in the fund. These funds are not self-managed superannuation funds.
If you have an SMSF, you must give careful consideration to who will control the SMSF on your death. Further, as with any super fund, you should also make arrangements for how and to whom your benefits in the fund (superannuation death benefits) will be paid on your death.
The laws relating to superannuation are complex. SMSFs require detailed estate planning advice with reference to the SMSF trust deeds and financial statements. Contact us to arrange an estate planning conference to get started.