Szabo & Associates News & Updates
The Australian Tax Office (ATO) has recently issued guidelines that could be of relevance for executors or beneficiaries who have been having suffering delays in selling a deceased’s main residence.
When Richard Squire separated from his second wife, Corrine, they agreed to divide their assets equally, including the proceeds from selling the matrimonial home. Before he managed to change his Will to reflect the new circumstances, Richard died unexpectedly. His existing Will left everything to his estranged wife. As it stood, this would prevent Richard's adult children, from his first marriage, receiving any family financial provision, even though he had promised to change his Will to leave everything to them.