John and Mary have an SMSF with a corporate trustee and are the current members of their SMSF. Mary is experiencing the early on-set symptoms of dementia and has an enduring power of attorney where she has appointed the NSW Trustee and Guardian to act as her attorney.
incapacity
Limited capacity clients and their estate plans
Advisers can face many challenges when working with clients who they believe may have limited capacity.
Replacing trustees and mental incapacity
If a trustee or a director of an SMSF loses mental capacity, appropriate actions need to be taken within 6 months in order to meet compliance requirements.
10 ways to protect your SMSF from loss of mental capacity
If you have a self-managed superannuation fund (SMSF), you need to plan ahead to ensure that it can still keep going if you lost mental capacity due to dementia (or other reasons such as suffering a stroke).
Court refuses to make will for dementia sufferer
In the recent case of R v J [2017], the Western Australian Supreme Court rejected an application to make a will for a woman who no longer had capacity to do so. Julia is currently 91 years old. She has been married to Henry for 51 years and suffers from diminished mental function as a […]
How to get out of running an SMSF when health is poor or just too old?
Begin as you intend to end. When it comes to SMSFs, exiting at the right time and in an orderly fashion can often be a difficult decision to make for Trustees and members. However, making a plan, understanding the options before entering into an SMSF and being flexible to changing circumstances is prudent. “I often […]
Incapacity and trustees: How to wind up an SMSF
When it comes to SMSFs, exiting at the right time and in an orderly fashion can often be a difficult decision to make for Trustees and members.