- Presentations, Technical Resource
- Death benefits
National Conference 2024
This session will consider in detail trustee considerations when exercising their discretion powers and how to avoid challenges to discretionary decisions. This includes:
- What it means to act in good faith, to give real and genuine consideration and to act in the best interest of beneficiaries.
- What factors are relevant when making decisions including the beneficiaries’ financial and personal circumstances, needs, and wishes.
- The process and steps of exercising discretion including what and how to document decisions.
- Managing and addressing conflict and beneficiary challenges
Following this session you will be able to:
- Understand fiduciary duties and learn what it means to act in good faith and in the best interests of beneficiaries.
- Assess and evaluate the necessary decision factors when considering beneficiaries’ financial and personal circumstances in discretionary decisions.
- Build an awareness of the critical steps and documentation required whe trustees exercise discretion.
- Learn how to manage conflicts by acquiring the strategies to address challenges from beneficiaries.
The contents of this resource are taken to be correct at the time of publication.
Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association