“Love is lovelier, the second time around…” So says the beautiful old song. But the joy of finding love again and creating another family can quickly fade when the realities & pressures of the varying relationships are revealed. Multiple relationships equals multiple potential points of failure. Blended families can face complex estate-planning challenges, and issues can arise between spouses or between children and their spouses.
Over 70 percent of remarriages where children are involved result in divorce after less than six years. Add death and grief to the equation, and you can understand why challenges to deceased estates occur.
Modern medicine is helping us live longer life spans than ever before, but a good portion of the ageing population needs assistance from family members or other caregivers as time goes on. This dependency, coupled with the older person’s declining physical or mental state, unfortunately creates favourable conditions for a caregiver to manipulate the estate planning process for his or her own benefit. This is called undue influence, and when you consult with Genders & Partners for Wills & estate planning in Adelaide, we will do everything in our power to protect you from those who do not have your best interests at heart.
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.