An article on the website DIY Super Online talks about a mental agility test which could prove a great help in deciding whether a trustee is fit enough to keep performing his role.
Joanne Earl, an NSW psychologist, has prepared a computer-based exam for the SMSF trustees which can be taken yearly. This can categorically tell whether the trustees are still fit (which, surprisingly, many trustees are even in their eighties) or have developed conditions including, but not limited to, senile dementia, Alzheimer’s, or Parkinson’s.
In such cases, trustees can read the writing on the wall and forego control before they can hurt the financial solidarity of their SMSFs; something that they themselves nurtured over years.
You can read the original article here.
