Retirement
SMSF trustees failing on estate planning front
New research has found half of the SMSF trustee population have significantly inadequate estate planning provisions in place, including out-of-date or ineffective wills.
SMSF trustees failing on estate planning front
New research has found half of the SMSF trustee population have significantly inadequate estate planning provisions in place, including out-of-date or ineffective wills.
The Women and SMSFs report, jointly released by CBA and representative body the SMSF Association, indicated that more than half of SMSFs don't have an updated will or a succession plan.
Speaking at the launch of the report, CBA head of SMSF customers Marcus Evans said that while 78 per cent of SMSFs have a will, only 49 per cent actually have one that’s up to date.
The research report surveyed 801 SMSF trustees as well as 535 individuals without an SMSF, and investigated the behaviours, confidence levels and outlook for different SMSF trustee demographics.
“This is a key area that the whole SMSF community needs to have a good look at,” said Mr Evans.
“Given the complexity of the funds, the complexity of the inter-relationship between wills and trust deeds, the incidents of blended families, this is a complex area that you need good solid advice and yet we have at least 50 per cent acknowledging they have a gap.”
Mr Marcus said the report also indicated that only 53 per cent of SMSF trustees have an estate plan in place that covers their family if they or any other trustees in their SMSF were to die suddenly, and that only 40 per cent had a succession plan in place.
Also speaking at the event, SMSF Association chief executive Andrea Slattery warned on the dangers of making changes to wills or deeds without consulting a lawyer.
“It is really important to get a lawyer involved because it’s actually a legal service and if you’re drafting a deed or clauses in a deed and you’re not a lawyer, then you’re actually breaching a legal obligation,” said Ms Slattery.
However, Mr Evans said, the report did show some more encouraging statistics.
According to the research, 91 per cent of SMSF trustees were confident that following a separation or divorce and their partner ceasing to be a trustee, they would have sufficient knowledge to take over sole responsibility for managing their SMSF investments.
RELATED ARTICLES
Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more
Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more
Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more
Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more
Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more
Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more
Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more
Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more
Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more
Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more
Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more
Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more
Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more
Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more
Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more
Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more
