Change of SMSF Trustee
Is the Change of Trustee package suitable for an SMSF that has become a sole member/sole trustee fund because the second member/trustee has died and needs to be replaced?
No, the Change of Trustee package can only deal with a straight change of trustee. It cannot rectify a structural issue with the SMSF. As a result, you cannot use the Change of Trustee package to appoint a new trustee under these circumstances.
In this instance, as the SMSF is a two member fund, the solution is for the remaining trustee to either:
- appoint the deceased's legal personal representative as the second trustee for the time being, or
- immediately appoint a person who will be the ongoing non-member trustee.
To do either of these things, you will need an alternative Deed of Variation. Maddocks can provide you with a quote to prepare these documents. Please call us to arrange a quote from Maddocks.
