Rod Genders is a senior Australian lawyer specialising in Wills and Estate Planning, Probate and Estate Administration, Trusts and Guardianship and Inheritance Claims and Contested Estates in South Australia. His boutique specialist law firm, which was founded on 1848, is one of the oldest and most respected in Australia. Rod is an international author and speaker. Rod is the 3rd generation of Genders in the law and has been practising specialised law since the mid 80’s. For over 10 years he served on the Council of the Law Society of South Australia and is a senior member of its Succession Law Committee. For 8 years Rod was a founding committee member of the South Australian branch of the London-based Society of Trusts and Estate Practitioners (STEP) and was the founding Chair of the international STEP Digital Assets Special Interest Group. For over 25 years Rod has chaired a private committee enquiring into the affairs of protected persons. He is a member of the Law Council of Australia, a member of the Notaries Society of South Australia and an associate member of the American Bar Association.

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Administering a Deceased Estate Takes Care and Skill

Estate Planning, Probate, Probate & Estate Administration
Administering a Deceased Estate Takes Care and Skill

In a 2014 Judgment, the Supreme Court of Queensland ruled that the administrator of a deceased estate breached her fiduciary duty by applying for her deceased son’s superannuation benefits to be paid to her personally, rather than on behalf of his estate.

This is an example of where a little knowledge can be a dangerous thing. Probate and Deceased Estate administration is a specialised area of law. Don’t be fooled into believing the lady at the hairdresser or the bloke down the pub who says that it is easy to do this yourself, or that the lawyer who handled your divorce, or your uncle’s drink-driving offence, can easily do this. If you pay peanuts, you’re very likely to get monkeys.

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What Do Trustees of a Deceased Estate Do?

Deceased Estates, Probate, Probate & Estate Administration, Trusts & Guardianship
What Do Trustees of a Deceased Estate Do

An executor of a deceased estate in Adelaide is responsible for administering the estate according to the terms of the Will and ensuring that all taxes and debts are paid. Trustees of a deceased estate, on the other hand, often have a longer and more complicated job that in some cases can last for years or even decades.

If you have been appointed as a trustee of a testamentary trust, you have certain legal requirements to uphold, and any failure to comply can leave you personally liable for financial losses suffered.

The best way to ensure that you understand your responsibilities and carry them out appropriately is to consult with a specialist Adelaide probate and estate administration law firm as soon as possible.

What is a Trust?

You can think of a trust as a type of container. Inside the container is something to be protected. This is called the trust fund.  It is being held in safekeeping for the benefit of one or more people or entities, called beneficiaries.

A trustee is appointed to take control of the trust until a future date, at which time the trust fund is passed on to the beneficiaries. The trustee can be an individual or a private company appointed by the deceased.

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Succession Planning For Your Business

Business Succession Planning, Probate, Probate & Estate Administration

Do you know what will happen to your business if one of your company’s shareholders dies or loses capacity?

Succession Planning For Your Business

If you are in a business with shareholders, your business faces a major potential threat if one of your fellow shareholders dies or becomes permanently incapacitated.

Business Succession Planning is part of modern integrated estate planning, and your interest in your business may be a substantial part of your personal net worth.  Good planning through buy/sell agreements and appropriate insurance can make all the difference. For many businesses, if no pre-existing arrangements are in place, the death of a shareholder can mean their shares in the company will go to the beneficiaries of that person’s deceased estate.