A client is concerned that they might lose capacity. How should they prepare to pass on their controlling role in a trust or a self-managed superannuation fund?
Thank you for the question.
The trust deed normally deals with the appointment of a new trustee. If not, the trust should be amended to include such a provision. Note that an attorney under an enduring power of attorney cannot exercise the functions of the trustee.
However, the trustees of a superannuation trust are regulated by the Superannuation Industry (Supervision) Act 1993. Section 17A(3)(b) permits the attorney under an enduring power of attorney to act for a trustee under a legal disability.
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