Sharmistha Bose, Product Marketing Specialist
We have recently been receiving an increase in customer
enquiries about recording a change in trustee after one has passed away. Based
on the feedback, we’re happy to announce the release of our new SMSF product, Change
SMSF trustee (death of a trustee).
Dealing with a trustee’s death can be quite confronting and if
there is a requirement to amend the SMSF trust deed, up until now, the process
has been more convoluted than necessary. The solution offered by a few document
providers is to require you to place an order for a normal SMSF Change of
Trustee and then, to provide the underlying trust deed to them so they can
customise or manually amend the documents. Costs associated with this are quite
high along with the likelihood of errors due to the double handling.
Cleardocs aims to be different. We have designed a document
package that specifically caters for the situation of the death of a trustee. After
placing an order with us, there is no further manual drafting involved. You
will immediately receive a link to download your ready-to-sign documents.
What scenarios for
change of trustee are covered?
This
document package is only required if there is one surviving individual trustee
and the fund wishes to replace:
- the deceased trustee with 1 or more individual trustees; or
- individual trustees with a corporate trustee.
If
there are 2 or more surviving trustees, the structure complies with the SIS Act
and the fund is not required to replace the deceased trustee. If the fund does
wish to, one of the other Change SMSF
Trustee document packages can be used to appoint additional
trustees.
You
can read more about the requirement to amend the SMSF trust deed in our
ClearLaw article “The
reality of ageing SMSF trustees: death of an SMSF trustee”.
What are the benefits
of the new document package?
- Documents generated online within minutes.
- The documents are complete and ready-to-sign – no further drafting is required.
- Deals with the reality of an ageing population and the ageing of SMSF trustees.
- An SMSF does not require an underlying Cleardocs trust deed to use this document package.
- For a change from individual trustees to a corporate trustee, we will also update your trust deed to the latest version of the Cleardocs deed.
- Our master documents are expertly drafted by lawyers at top 20 law firm, Maddocks.
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