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Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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Can I give to my eldest son a financial EPA that is limited

Customer Question

Can I give to my eldest son a financial EPA that is limited to my superannuation monies.
Currently the monies are in a SMSF which is being administered by a financial planner. A temporary situation due to ill health (quintuple bypass).
I want my son to be able to invest the monies as he sees fit; including but not limited to the closure of the SMSF in accordance with SIS.
Upon my death, all residual superannuation monies are to be distributed to my nine grandchildren in equal shares.
Submitted: 1 year ago.
Category: Australia Law
Expert:  Brisbane.Lawyer replied 1 year ago.

Hi Paul,

SMSF are complex, and any decisions regarding changes or restructuring should first start with a review of the Super Fund Trust Deed...

Next, you cannot be the trustee and the sole beneficiary of the Trust...

So how is it structured? are there 2 Trustees, or do you have a corporate trustee?

Please advise the above...

If you accept my offer to review your SMSF Trust Deed, and we can chat about the steps that need to be taken.

Kind regards,

James

Customer: replied 1 year ago.
G'day James,
Thank you for your response; does not answer the question.
I have no intention of changing or restructuring my SMSF; decommissioning it maybe.
I understand that I can grant my son (who is not a beneficiary of mine) a EPA for financial matters.
Can such an EPA apply to and be limited to my superannuation monies (whether they are in a SMSF or ISF)
I think this is an interesting legal question. On the one hand I can make my son a trustee for my financial matters; on the other hand my financial matters do not extend to my SMSF; legally is not mine or is it!
Kind regards ***** ***** wishes for a happy life,
Paul