So, you’ve inherited a self-managed super fund (SMSF).

Maybe you were already a member of the fund, but not the one making the decisions. And now, it’s just you. Now what?

These types of situations often come across my desk; SMSFs that previously had two members; a husband and wife, and then, unfortunately, the husband passes away, and the wife becomes the sole member and trustee.

There’s nothing wrong with that original SMSF setup on its own. But it can become tricky when the surviving partner wasn’t involved in running the fund and now is paralysed with what to do next.

In a lot of the cases I see, the husband was the driving force behind it. He worked with the accountant, managed the investments, made the decisions, and just passed the paperwork across for his spouse to sign.

Now that he’s gone, the surviving partner is left with a complex financial structure and a group of professionals she may not know.

If that sounds familiar, here’s what I suggest.

Get everyone in the room

The first step is to bring all the connected advisers together in one meeting. That might be the accountant, financial planner, administrator, or anyone else involved with the fund.

Ask them to walk you through a few key things:

• What was the purpose of the fund?
• Why were the investments chosen?
• What is the fund’s current status?

That conversation will help you get some clarity and confidence.

Decide whether to keep the fund

Some people wind it up and move to a simpler structure. Others choose to keep the fund and make a few adjustments. There’s no one-size-fits-all approach, but it should be your decision.

At this point, a good adviser should be helping you understand your options clearly, without pressure.

If you’re not comfortable, that matters

If you don’t know or trust the existing advisers, it might be time to find your own. Someone who will take the time to explain things in plain language, and help you ask the right questions.

Winding it up is possible

It’s a technical process and it takes time, but it’s doable. There’s a clear set of steps to follow, and the right adviser will help you through each one.

I’ve seen how overwhelming this situation can be, especially for widows who’ve never had to manage this side of the finances before. You’re not alone, and you’re not expected to figure it out all by yourself.

If you’d like to talk it through, I’m happy to help. Whether that’s working with me, connecting you with someone else, or helping you prep for a conversation with your current adviser — just get in touch.

Sometimes, a little clarity makes all the difference.