FROM A SMITH TO A JONES: WHEN A MEMBER CHANGES THEIR LEGAL NAME
01/03/2013
We regularly receive enquiries from clients who have changed their name, due to marriage or other factors, and are now wondering how to make sure their SMSF documentation reflects this change.
Usually, a Member or Trustee’s name will appear on Trust Deeds, bank accounts, assets held by the SMSF and other documents relevant to the Fund. In order to ensure that there is no doubt whether Jane Smith (her maiden name) and Jane Jones (her married name) are one and the same person, Trustees should make sure they keep relevant documentation on the Fund Register to explain this change of name.
Copies of Change of Name Documentation
The best evidence that Trustees can use to demonstrate to any auditor or third party that there has been no change in member and only a change of member’s name is to keep a copy of the Marriage Certificate or formal change of name documentation as a record on the Fund Register.
Statutory Declaration
The Trustees may also wish to prepare a Statutory Declaration as a more formal measure, outlining the Member’s previous name, details of the change and confirming the Member’s current legal name.
Annexed to the Statutory Declaration should be copies of the Member’s old identification (eg. passport or drivers licence show previous name), copies of the Marriage Certificate or change of name documentation and a copy of their current identification.
Trustee Minutes
Trustees should also prepare a resolution noting that:
- the Member has changed their name;
- the documentation which will be kept on the Fund Register as evidence of this change; and
- confirmation that there has been no actual change in membership of the Fund.
Updating Title Records of SMSF Assets
Trustees may need to consider whether they need to update the Title Records of any assets held by the Fund so that these reflect the correct names of the Trustees. If a fund has individual Trustees this may be of particular importance as assets would be held in the Trustee’s previous name.
Third Party Requirements
Trustees should also check with any third parties who deal with their SMSF to ensure they have informed them of the change of name and provide any required documents for the necessary updates to the fund’s details.
If you would like us to help with the change of name of a member/trustee from your find please contact Rebecca Partington.