STRATEGY
The importance of regular planning reviews
Multiple superannuation legislation changes have occurred over the past few years. Scott Hay-Bartlem illustrates how these changes and other evolving factors make regular reviews of estate plans a must.
SCOTT HAY-BARTLEM is a partner at Cooper Grace Ward Lawyers.
52 selfmanagedsuper
Many people talk about the lessons they have learned over the past few years. One important lesson in the SMSF ecosystem is the importance of not just creating a robust SMSF estate plan, but also of reviewing it. That leads to the question of how often should an estate plan be reviewed. The simple answer, of course, is “it depends”. This article will discuss some triggers that can help guide advisers and trustees with regard to this decision.
The outcome of a review is not always wholesale changes. Some reviews do not result in much, but other times quite extensive changes are necessary. The failure to review as necessary has many possible consequences, including the wrong beneficiaries benefiting, unnecessary disputes and extra costs, and all at a difficult time.
Law changes In the SMSF ecosystem, the rate of law changes has
