Coping with the death of a parent is challenging enough, and selling their home can be an added stress for children.
Grieving family members may be unable to make decisions. Unless someone takes charge, the home might fall into disrepair.
Siblings may also have emotional attachments to it or unrealistic expectations about the value of the home.
It’s all made even worse, if the parent dies without a Will.
A while ago I published a report entitled Top 10 Estate Planning Predictions for Australia.
This report stated that, over the next 10 years, Australia will face significant challenges as it attempts to balance its books while enormous numbers of Baby-Boomers exit the scene.
It concluded that the State & Federal Governments (of all political persuasions) will need to make some difficult choices to address these challenges, and attempt to cling onto our desirable quality of life.
As a matter of law an entitlement under a superannuation fund does not automatically form part of the assets of a deceased estate.
All superannuation funds in Australia are trusts, which are governed by their respective deeds of trust, subject to the Superannuation Industry (Supervision) Act 1993 (Cth), and administered by a trustee who holds a discretion in terms of the persons whom the trustee decides should receive the superannuation trust fund proceeds.
Generational change in attitudes mean that more people than ever before are now prepared to challenge a Will if they don’t get what they regard as a fair share
A recent survey in the UK reveals that one in four people would mount a legal challenge against a loved one’s Will or estate if they were unhappy with it.
UK Court statistics confirm such disputes are on the rise, reflecting the increased readiness of family members to oppose a relative’s last wishes, with a record number of inheritance disputes now reaching Court.
When executors goes bad, and what to do about it…
Several times each month, my phone will ring, and someone will tell me about a family member who is doing the wrong thing in the administration of a deceased estate.
It’s often a sibling. For some reason, some brothers and sisters can have a rivalry that borders on all-out warfare. There have been times when I’ve had sibling-executors in my office who couldn’t agree on the colour of an orange! (The expression ‘cats and dogs’ comes to mind).
Last night I had to do one of those business chores that just has to be done, but I hate it.
I’ll try not to bore you with too much detail, but basically it involves computer security stuff that is equal parts weird, scary, frustrating and boring.
Much of it makes no intuitive sense, and there are traps for the unwary everywhere. It feels like tap-dancing into a minefield. Wearing a blindfold.
Here’s one more in our series of articles about Wonky Wills, Pathetic Probates and Disagreeable Deaths.
If you’re twisted like us, you might get a laugh out of some of the strange stuff people do at the end of their days …
#1 Tomas Martinez
67-year-old Tomas Martinez was living on the street in Santa Cruz de le Sierra, Bolivia, when he was approached by police officers who had good news for him. His ex-wife (whom he abandoned years earlier) had died and was leaving him her fortune of $6 million.
Martinez thought the police were there to arrest him for his drug and alcohol related issues, and he fled without hearing what they had to say.
An Executor is the person appointed in the Will of a deceased person with the lawful authority to administer the deceased estate.
An Executor has a special responsibility – known as fiduciary duty – to hold the estate in trust for the beneficiaries, and to act in the best interests of the estate.
Here are 7 things every Executor should do:
1.Consult a Senior Lawyer who Specialises in Deceased Estates
Unless the Will contains a specific direction, it’s up to the Executor to decide which lawyer to retain, but here’s a tip to keep in mind: A specialist lawyer will be faster and better for the estate and provide better protection for the Executor. Executors are performing a legal function, and there are hidden risks which can come back to bite the unwary Executor.
Here we go again, with more Wacky Wills, Poisonous Probates and Dreadful Deaths. If you’re twisted like us, you might get a smile out of some of the strange stuff people do at the end of their lives …
#1 Wellington Burt
US lumber tycoon Wellington Burt died in 1919. His Will directed that most of his fortune be put into a trust fund, which would only pay out 21 years after his last surviving grandchild passed away.
His immediate heirs, who had expected to receive his fortune, saw very little of it. When the trust vested in 2010, a fortune of around $110m (£67.5m) was shared amongst 12 beneficiaries, none of whom ever knew the man.
Here’s another in our series of articles about Weird Wills, Problematic Probates and Disturbing Deaths. If you’re twisted like us, you might get a chuckle out of some of the strange stuff people do at the end of their time on this mortal coil …
1. I say Hello and you say Goodbye
Anthony Scott, in his last will and testament wrote: ‘To my first wife Sue, whom I always promised to mention in my will. Hello Sue!’
2. Proper Conditions
The last will and testament of Edith S of Walsall included £50,000 to each of her children, Roger, Helen and Patricia. Their inheritance was not to be spent on ‘slow horses and fast women and only a very small amount on booze’.