payment to act as executor

Payment to act as Executor

payment to act as executor

As executor of a deceased estate you need to take a lot of care and responsibility.  But what, if anything, are you entitled to receive for your efforts?

In the last month I have received multiple enquiries from executors asking this question. The answer is not what they want to hear.

As executor you may pay (or reimburse) your reasonable out-of-pocket expenses from the estate’s assets.

death and taxes when is a tax return required for a deceased estate

Death And Taxes When Is A Tax Return Required For A Deceased Estate?

death and taxes when is a tax return required for a deceased estate

Executors of deceased estates are often confused about whether and when to lodge tax returns on behalf of the deceased person and their estate.

Ask yourself: if these were your own personal financial affairs would you have an obligation to lodge an income tax return?

The Deceased (and their representative) has fundamentally the same requirements to lodge a return as any individual taxpayer.

death and taxes in australia

Death and Taxes in Australia

death and taxes in australia

It’s been 40 years since Australia last imposed formal death duties (also known as Inheritance Tax) and 13 years since the Henry tax review (also known as Australia’s Future Tax System Review).

Now with all the pandemic payments being made by State and Federal Governments, all the treasurers are looking around for a convenient honeypot to raid.

Since the Baby Boomers are the ones with the assets, they are a logical target of Government ambition.

Baby Boomers could be asked to sell the family home when they die to pay for aged care costs under a plan to slap an effective death tax on seniors to fund care.

pitfalls for diy executors of deceased estates

Pitfalls for DIY Executors of Deceased Estates

pitfalls for diy executors of deceased estates

Some misinformed people choose to believe that administering a deceased estate is simple and easy, and therefore they think that they can save the estate some money by doing it themselves, without a specialist lawyer to assist them.

Those people don’t realise that for the executor of the Will of a deceased person in South Australia, DIY means taking all the risk upon themselves for no reward.

Wills In Adelaide: The Responsibilities Of An Estate Executor

What Does an Executor of a Deceased Estate Do?

What Does an Executor of a Deceased Estate Do?

Your loved one has entrusted you to administer their estate, and you probably feel overwhelmed with the burden of this responsibility in the midst of your grief. Depending on the size of the estate, your duties can become quite complicated, but the Adelaide Probate & Estate law specialists at Genders & Partners can guide you through the process to ensure that you carry out your responsibilities with a minimum of stress.

Locating the Will and Safeguarding Assets
As executor, your first job after the person’s death is to locate the original Will, which may be with the deceased’s important papers or held securely at a trustee company or lawyer’s office. If you do not have the original in hand right away, you can still work with a copy to familiarise yourself with the contents and make funeral arrangements according to the person’s wishes.

Family Disputes and Legal Documents in SA

Family Disputes and Legal Documents in SA

Family Disputes and Legal Documents

Families aren’t always easy. We’re bound to them by blood and history, circumstance and duty. We love them, and sometimes, if we’re really lucky, we like them too. We rarely get to choose them.

At some point in our lives almost all of us will experience some challenging times in dealing with individuals in our family.

It could be the consequences of dealing with misfortune such as illness or unemployment.

It could be your son’s unfortunate choice of girlfriend.

Maybe someone has an inflated sense of entitlement & expectation, or is lacking in appreciation for what you’ve done for them.

Probate and Estate Administration: Successful Challenge to Deceased Estate from Secret Domestic Partner

Deceased Estate in SA

A recent court decision in Victoria (Estrella v McDonald) is one of Australia’s first reported judgments resolving a claim for family provision involving a same-sex relationship.

The claimant said that he and the deceased had been in a secret de-facto relationship for 30 years, after they met in 1978 when the claimant was 17 and the deceased was 51.

The claimant said that he and the deceased had commenced a sexual relationship and that he had moved away from his family in the Philippines to live with the deceased’s family for several years. During the deceased’s final years, the claimant was living overseas.

During his life, the deceased had denied that the relationship was sexual in nature as he had apparently been embarrassed to publicly or openly acknowledge the relationship, for fear that it may not be accepted by their families or community.

The deceased had made no provision for the claimant in his Will, which solely benefitted the deceased’s children who defended the claimant’s allegations on the basis that their father and the claimant were “just friends” and that the claimant lived in their home as a boarder.

Genders and Partners

GST likely to rise – I told you so

GST likely to rise – I told you so

On 20th July 2015 South Australian premier Jay Weatherill provided conditional support for the call from New South Wales Premier Mike Baird for GST to be increased to 15 per cent.

The increasing cost of healthcare in the context of an ageing population, is a precipitating factor in this debate. The substantially reduced tax collections from mining revenues and the overall depressed economy, especially in South Australia, are critical elements.