Unlocking Success: Introducing the New Edition of Bequest Assist's Estate Administration Guidebook!

At Bequest Assist, we're dedicated to empowering Gifts in Wills teams with the tools and resources they need to navigate the complex world of estate administration. That's why we're thrilled to announce the launch of the latest edition of our Estate Administration Guidebook, crafted to support charities manage deceased estates as effectively as possible.

Thank you to Include A Charity for sponsoring this update and making the new edition possible. A free copy of the new edition is available to all Include A Charity members.

Here's a glimpse into the exciting updates you can expect from this new edition:

More Case Studies for Real-World Insight

We’ll admit it, sometimes estate administration can be a little dry. That’s why we’ve added more deidentified case studies to the Guidebook to help bring the content to life. Each of the case studies is based on a real-life matter we’ve observed where a deceased estate has either gone really right, or really wrong, for a charitable beneficiary.

Updated Probate Court Processes

Probate court processes and costs are constantly evolving, and it's crucial to stay up-to-date with the latest changes. In this edition, we've updated links and prices on where to search for probate and how to buy copies of estate documentation when you are unable to get it from an executor or solicitor.

Demystifying Superannuation as an Asset

When we wrote the first edition of the Guidebook, we rarely if ever saw superannuation as an asset in deceased estates. Since then, it’s grown to appear in 20% of the estates we administer on behalf of charity clients as more people are passing away that worked past the point where it became mandatory.  

Navigating superannuation as part of a deceased estate can be particularly complex. Sometimes it can be difficult to determine if superannuation will flow into an estate (and become part of your gift). Where it is forming part of your gift, you need to factor in mandatory taxation to accurately forecast what your charity will receive. The new edition of the Guidebook features a new section specifically on superannuation.

Expanded Information on Share Transfers and Capital Gains Tax

Since writing the first edition of the Guidebook, the difficulty of share transfers and the significance of Capital Gains Tax (CGT) has become more apparent to us. We are now clear that charities are missing out on millions of dollars per year as a result of incorrectly handled taxes.

Unfortunately, charity estate administrators cannot rely solely on solicitors and accountants to understand how to handle Capital Gains Tax in estates they are receiving funds from. This is an area that is peculiar to charities and you need to be on your game to ensure that your charity receives all of the funds that your generous bequestor wanted you to have.

The new edition of the Guidebook has an updated and expanded section on when CGT might be an issue and how to handle it. This section seeks to arm you with the knowledge of how to spot assets that could present an issue, the tax implications and how to proactively speak to solicitors about seeking advice from a deceased estate taxation specialist. We’ve included the contact details of three specialists who we regularly refer solicitors to for advice.

How to Get Your Copy

Members of Include A Charity can access a free PDF copy of the new edition of the Guidebook by contacting them directly. For non-members, PDF or a physical copy are available for purchase through our website here.  

- Morgan Koegel, Managing Director, Bequest Assist