Sounds like a sensible idea, doesn’t it? Put the family in one super fund, make joint investment decisions, help the children save and heaps more reasons. Why not?
The best advice about the family SMSF is to ‘look before you leap’, make sure you’ve done your homework and have concrete reasons for the final decision. Don’t forget if you don’t get it right, you and maybe the rest of the family, may end up with no safety net and a big mess.
From my experience the decision to include family members as part of an SMSF can work well, but only in a limited number of cases. If everyone understands the purpose of superannuation, their responsibilities and respect each other’s views, then it can work well.