As the population ages SMSF trustees & their advisers will be faced with the prospect of winding up an SMSF. This paper considers the last ‘stage’ in the lifecycle of an SMSF, including:
- ageing trustees – options if trustees become incapable of running their SMSF
- death in a single member fund – who takes on control, and what options do beneficiaries have?
- death of the ‘final’ pension or accumulation member in an SMSF
- practical issues on winding up an SMSF, tricks and traps to look out for.