A legal firm has called on SMSF trustees to review their estate planning strategies to ensure death benefits are managed in the most prudent fashion in light of the $1.6 million transfer balance cap to be introduced on 1 July and the effect it will have in this area.

In the new world of superannuation starting on 1 July, a well-thought-out estate plan must consider key strategy options for trustees and members of an SMSF, according to an industry executive.

A specialist superannuation law firm has suggested SMSF advisers and their clients need to examine estate planning strategies in light of the transfer balance cap to be implemented on 1 July.

Advisers helping SMSF clients with estate planning must place greater importance on the second member’s death and where those benefits are expected to end up.

The treatment of death benefits under the new superannuation laws is putting greater emphasis on proper estate planning procedures, according to a specialist law firm.

SMSFs that do not consider what happens if a member passes away will face numerous challenges in the fund’s wind-up, according to a superannuation technical expert.

Great care must be taken with who is chosen as the appointor of a new family trust as they are often considered to be the real power behind and ultimate controller of the trust, according to a superannuation and estate planning legal expert.

Advisers of SMSF clients need to consider carefully any estate planning strategies either in place or being considered in the wake of the superannuation legislation the government passed earlier this month, according to a specialist law firm.

A specialist law firm has recommended a mutual wills agreement as one potential solution for clients that have step-family estate planning circumstances.