NowInfinity adds new estate planning features and enhancements to SMSF trust deed

NowInfinity adds new estate planning features and enhancements to SMSF trust deed

Leading cloud-based entity establishment, management, and compliance solution provider NowInfinity, part of the Class product suite, has today announced it has added new features to its SMSF trust deed. The new product features are designed to enhance NowInfinity’s current SMSF deed, consolidating its position as the industry benchmark for SMSF documentation.

In the 2022 Investment Trends SMSF Adviser & Accountant Report, NowInfinity was recognised as the most frequently used legal document provider for SMSF related legal compliance. Based on recent ATO data, 28% of all SMSFs are established on the NowInfinity platform.

NowInfinity General Manager Tracy Williams said, “The new product features have been designed in collaboration with clients and industry experts and offer many benefits including providing greater flexibility and clarity for advisers and trustees, and importantly provide clarity with regards to death benefit payments for estate planning purposes.

“We’re committed to supporting accountants, lawyers, and other financial professionals by providing the best quality documents and technology solutions that enable them to efficiently and effectively establish and maintain entities on behalf of their clients. We’ve listened to their feedback and these new features are in addition to several document and compliance product enhancements that we’ve delivered this year to meet the emerging needs of our fast-growing client base.”

DGF Morgan Director and Solicitor David Morgan, NowInfinity’s legal services partner, said, “Probably the most important estate planning provision in a deed is the hierarchy of death benefit payments. The NowInfinity deed very clearly itemises the priorities, starting with reversionary pensions, which we see as being consistent with the strategic objectives of many advisers and trustees in this space.

“Another key provision is providing attorneys, under certain circumstances, to make or amend Binding Death Benefit Nominations and Reversionary Pension Nominations, which we believe can lead to a member’s estate planning intentions being better met should they become incapacitated.

“With more and more instances of lost fund documents, trustees who hold a copy of the lost original document have the specific power to sign a deed of confirmation which may permit the trustees to rely on the copy and regard it as if it were the original signed document.”

The new deed will act as the cornerstone for NowInfinity’s new SMSF deed update and compliance solution due to be released next year.

Williams added, “We are very excited to soon be launching our reimagined SMSF compliance solution, Super Comply, which will include solutions to assist clients to update their deeds, and access a central compliance module that will enable them to easily keep their SMSF deeds and investment strategies up to date and compliant.”