Succession upon death impacts your self managed Superfund
A company is an eternal entity. Therefore having a company as Trustee for the Fund will continue even after death. Picture for example, Bill and Ben are both individual trustees.
Bill dies, leaving Ben as the sole remaining member and individual Trustee. For the Fund to remain compliant, Ben will need to appoint a second Trustee, having a number of consequences.
Ben will have lost full control of the Fund.
Any children or relatives appointed as Trustee will require documentation and a change of the ownership of all the Funds assets.
If no children or close relatives are trustworthy to share the role then Ben may wish to appoint a Corporate Trustee. Had this been done initially, none of the above would be required.
With a Corporate Trustee , after Bills death Ben would automatically continue as sole member of the Fund and sole director of the corporate trustee. Ben would also have full control of the fund, without having to appoint another Trustee or complete documentation.