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ARTICLE · 17 AUGUST 2009

Enduring Powers Of Attorney

Cooper Grace Ward
Cooper Grace Ward
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Cooper Grace Ward

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It is important to ensure that everyone has a current Enduring Power of Attorney in place, particularly members of self-managed superannuation funds (SMSFs).

AustraliaFamily and Matrimonial
Greg Cahill
Greg Cahill
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Vital for Clients with Self Managed Superannuation Funds

It is important to ensure that everyone has a current Enduring Power of Attorney in place, particularly members of self-managed superannuation funds (SMSFs).

An Enduring Power of Attorney appoints someone to make decisions on your behalf, particularly if you are incapacitated.

If you are a member of a SMSF, you must generally also be a trustee or a director of the trustee company. If you lose capacity, you can no longer be a trustee or a director of a company which may mean you cannot continue as a member of the SMSF and your member balance may have to be rolled to a retail fund.

This can have significant transaction costs (such as CGT and duty), and can also lead to many practical issues. For example, the trustee may need to sell assets to transfer the benefits to a retail fund.

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