Our deceased estate administration service is a unique offering in the market place as it utilises both our taxation and financial planning knowledge and experience. We feel our combined knowledge works well, particularly for more complex deceased estates.
Despite having the capacity to provide both financial planning and taxation advice to deceased estates, we are happy to work in conjunction with other financial advisers and tax accountants if they require our expertise.
Financial Adviser’s contribution to deceased estate administration
As financial advisers, Chris Humphrey Private Wealth Management’s contribution to deceased estate administration can include (but not limited to):
- Assistance with life insurance claims.
- Investment advice inclusive of ensuring savings earn the best possible interest rates, maintaining the current investment portfolio (corporate actions etc).
- Provide advice on whether a superannuation payout should be taken as a pension and/or a lump sum.
- Provide advice to minimise superannuation death tax.
- If superannuation benefits are taken as a lump sum, assess whether an anti-detriment payment should apply (potentially applies as part of a death benefit if a member dies on or before 30 June 2017).
- If the deceased was a member/trustee of a self managed superannuation fund (SMSF), assess the merits of the future service benefit deduction.
- If the deceased was a trustee/director of an SMSF work with their potential beneficiaries to the desired outcome.
- If the Will of the deceased has an equalisation clause, determine the split of superannuation moneys versus non-superannuation moneys to the respective beneficiaries.
Accountant’s contribution to deceased estate administration
As a tax accountant, Humphrey Taxation Services contribution to deceased estate administration can include (but not limited to):
- Application of a tax file number for the deceased estate.
- Arrange tax returns for the deceased estate.
- Financial statements of the deceased estate.
- Reconstruction of capital gains records.
- Arrange tax returns for the deceased up to date of death.
- Provide taxation advice on the timing of the disposal of deceased assets. This is particularly relevant when pre-CGT assets are owned by the deceased and/or when the beneficiaries plan to dispose of the inherited assets not long after the estate is administered.
- The tax and accounting requirements of any testamentary or superannuation proceeds trusts established by the Will.
Should you come to us or a deceased estate lawyer first?
Most deceased estates require probate in order to proceed. Probate is generally organised by an estate lawyer. If you come to us first we are happy to direct you towards a lawyer we regard as most suitable for your requirements based on cost, complexity, turnaround times etc.
We can be contacted by email on firstname.lastname@example.org or by calling us on 07 3368 2727 and asking for our deceased estate administration service.