Now that Emily is retired she needs to consider what other steps the trustees should be taking to ensure the continuation and management of their fund.
Every year the trustees advise Emily of her minimum pension which Emily must draw to continue the tax concessions of pension phase.
After a review of the fund documents with her accountant Emily decides to take action regarding her estate planning. She consults a lawyer and drafts up her Will. After nominating her son as Executor of her estate she is aware that upon her death he will be appointed trustee alongside her brother.
Although she believes they will act in accordance with her wishes she decides it is best to put a Binding Death Benefit into place to avoid any confusion. This nomination will lapse after 3 years so must be reviewed regularly. In her Nomination Emily leaves half of her benefit to her son directly and the remainder to her Legal Personal Representative of her Estate. This means the benefit will be distributed in accordance with her Will.
Emily and her brother also decide to review their investment strategy. As they are both a bit older, after consultation with a Financial Planner they may decide to move to a more conservative investment profile whilst maintaining the property. This provides steady income with lower risks than they had previously.
Now that Emily has the fund fully automated and can log in to fund online at any time she can sit back and enjoy her retirement.
This is general illustration only, and the results will differ depending on the investment returns achieved which cannot be guaranteed.