More people are considering doing the self-managed super fund, rather than using a broker that is managing the retirement fund for them. However, the number one question that many people have, is who takes charge of the fund and who is managing it, if the person who always did it, dies? It can be stressful to wonder who will take over the fund and if your family is still going to be taken care of. Here is some information that will make sure that you know who is going to take charge over the super fund if you die:
What is the self-managed super fund and what are the benefits of it
Before you can read more about who is going to take over the SMSF, you first need to know what this fund is actually all about. There are still a lot of people that don’t know what this fund is and why everyone is talking about it.
SMSF is a retirement fund and investment that you are doing and controlling yourself. You don’t have a broker that is making the decisions and managing the fund for you. You are the one that is making the decisions. This is great because you don’t need to pay any broker money to manage this fund, and you will have the final say about what investments you are going to do when it comes to the SMSF.
What will happen when you die with the super fund?
If you are doing the SMSF as an individual, you should have a will that are stated who is going to take the fund over and who is going to manage it on behalf of your family.
This can be anyone, but if you didn’t state in the will who is going to take over, normally the executor will take over. However, this isn’t always a good idea because not everyone can manage this type of fund correctly. This is why you should make sure that you are going to consider your options and state in your will that is going to manage the fund on your behalf for your family.
When the fund is actually a company
You are getting the individual SMSF and then you are getting the self-managed superannuation fund that is actually a company. When you have a corporate trustee, then you should make sure that you know who is going to take over, with your SMSF when you die.
Normally a corporate trustee requires two directors. If the one director dies, the duties will fall onto the other, living director. Then, there should be a new director installed in the place of the person who dies.
You need to know who is going to take over the SMSF when you die, when you were the one that is controlling the fund. It is important to make sure that you know who is going to take over, and you should state it in your will if you are an individual who is managing the self-managed superannuation fund.