13: Succession Planning for Self-Managed Super Funds with Laura Hanrahan

What happens to your hard-earned super when you die or become incapacitated? For those with self-managed super funds (SMSFs), proper planning is essential to ensure your fund continues smoothly.In this episode, host Sally Preston sits down with Laura Hanrahan, an expert succession and estates lawyer, to demystify this complex topic. With SMSFs now ranking second in Australia for the amount invested, behind industry super funds, chances are you or someone you know has their own DIY super fund. But most members don't realise their normal will and power of attorney documents don't cover succession of their SMSF.Laura breaks down exactly why succession planning is non-negotiable and shares tips on binding death benefit nominations, appointing attorneys, navigating complex regulations, and more. With straightforward advice and examples, she makes clear that failing to plan can spell absolute disaster for your legacy.In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:Why succession planning for SMSFs is so important (1:28)What to consider when planning for incapacity or death (2:56)How to choose which attorney will take over managing the SMSF (6:45)How to direct where death benefits are paid (7:51)Top planning tips for members of SMSFs (10:07)This episode is essential for any SMSF members who want to ensure their fund continues smoothly when they pass away or lose capacity. Proper planning is key. Whether you've just started your SMSF or have been running it successfully for years, you can't afford to miss this conversation. CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/