Disputes involving promises about the future of the family farm are common and highlight the importance of succession planning.

There have been some difficult cases for the supreme Court in the past two years resulting from people trying to do a Will at home in their dying days, or leaving a note written at home attempting to amend a previously made Will. 

In the “old days”, when life was simpler, couples were married or they weren’t, and the law didn’t need to deal with any middle ground.

The recent NSW Supreme Court case of Neal v Brown [2024] NSWSC 841 highlights the adverse and unforeseen consequences of withdrawing superannuation death benefits before one’s death.

This case emphasis the necessity of not only considering tax implications when withdrawing superannuation benefits before death but also how such withdrawals interact with the terms of a will. Proper estate planning is essential to ensure that the distribution of assets aligns with the deceased’s wishes.

Harwood Andrews is delighted to have been identified by clients and peers for expertise and abilities in the 2024 Doyles Guide, Victoria.

Take advantage of your tax return this new financial year by investing in your estate planning, and ensure that your hard-earned assets are distributed according to your wishes, with the help of our Wills and Estates team.

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.

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.

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 is delighted to have been identified by clients and peers for expertise and abilities in the 2023 Doyles Guide, Victoria.

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.

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 is delighted to have been identified by clients and peers for expertise and abilities in the 2022 Doyles Guide, Victoria.

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.

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 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!

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.