I’m an executor – I’ve heard of the executor’s year, but what does it mean for me?
The ‘executor’s year’ is the general principle that the personal representatives of an estate, be it the executors or administrators (in the case of an intestacy), have one year from the date of death of the person whose estate is being administered, to administer the estate.
Binding Death Benefit Nominations – Notice and Conduct
A binding death benefit nomination (BDBN) is a direction from a member of a superannuation fund to the trustee of the superannuation fund on how that person’s superannuation entitlements are to be paid or transferred on their death. In the absence of a BDBN, the trustee is not compelled to distribute the superannuation proceeds in accordance with the member’s wishes.
Family Farm Transfer Exemption – Transferring the Family Farm to related Parties
Farmland is often the single most valuable asset for a farming family. The farm provides a base from which to operate the farming business and the capital value of the farmland typically increases in value over the long term.
Harwood Andrews Wills and Estates Practice Recognised in Doyles Guide, Victoria 2023
Harwood Andrews is delighted to have been identified by clients and peers for expertise and abilities in the 2023 Doyles Guide, Victoria.
Superannuation nominations and death
There has recently been publicity in the media; about the long delays by superannuation funds in processing applications made by bereaved family members for payment of deceased person’s superannuation entitlements.
Some reports have referenced people waiting 15 months for the fund to make the payment, causing emotional and financial distress for the claimants.
Gifts or Loans To Children
December is a time for giving, and you may be considering providing your child or children with financial assistance through either a gift or a loan. Before making a gift or loan, you should consider the future implications, particularly in relation to your will if you pass away.
Harwood Andrews Wills and Estates Practice Recognised in Doyles Guide, Victoria 2022
Harwood Andrews is delighted to have been identified by clients and peers for expertise and abilities in the 2022 Doyles Guide, Victoria.
Succession Planning with Digital Assets
Not so long ago, the possessions that people left to their estate after passing away were physical and tangible like cars, cash or jewellery. These days however people produce a significant digital footprint consisting of accounts, profiles, and digital assets. New assets and investments such as cryptocurrencies, NFTs, loyalty program accounts and social media accounts are all changing the succession planning process. Existing tools like Wills and trusts remain effective to deal with these digital assets.
What does separation or divorce mean for my estate planning?
The separation from a spouse (married or de-facto) is a critical time to review your Will, Enduring Power of Attorney and Appointment of Medical Treatment Decision Maker.
Dealing with a deceased estate – what’s probate?
Dealing with a deceased estate is a very difficult time. The grief felt from losing a loved one is often unbearable and just when you think things can’t get much worse, there’s all the legal stuff to deal with!
Deceased Estates – Commonly Asked Questions
A deceased person’s ‘estate’ includes assets such as property, bank accounts and investments. The deceased person may also have liabilities including a mortgage, credit cards or other loans that need to be repaid.