Two men carrying coffin at a funeral
URGENT UPDATE: In a critical reminder for families managing deceased estates, financial expert Nick Bruining warns that the clock is ticking. Executors have a mere 12 months to sort out a loved one’s estate to avoid losing part of their pension benefits through means testing by Centrelink.
With the deadline fast approaching, families must act NOW to secure their financial well-being. After 12 months, any assets from the estate can be factored into means testing, potentially slashing pension payments. This could have devastating effects for families already under financial strain.
“Many families are unaware of these timelines,” Bruining stated. “The sooner you act, the better your chances of preserving your entitlements.” He urges anyone facing this situation to consult with professionals as soon as possible to avoid unnecessary financial losses.
In Australia, the implications of delaying estate management can be severe, especially for those relying on part-pensions to make ends meet. The potential for reduced income during a time of grief is a stark reality that many must confront.
What happens next? Families should prioritize finalizing estate distribution and submitting required documentation to Centrelink immediately. As the deadline approaches, resources and support services are available to assist in navigating this complex process.
As this situation evolves, it remains crucial for families to stay informed and proactive. The emotional toll of managing a deceased estate can be overwhelming, but understanding the financial ramifications can help ease some of that burden.
Stay tuned for more updates as we continue to monitor this developing story. Share this information with those who may need it, as timely action could protect vital financial resources for families during challenging times.
