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.
Recent research from the UK confirms what many of us have known for some time: The estates administration process in Australia and the UK is paper-heavy, slow and inefficient and is causing stress, frustration, and even mental health issues for those involved.
In a recent annual Bereavement Index 2021, looking at the legal and financial responsibilities that come with administering deceased estates, UK research has discovered that 88 per cent of legal professionals think the probate process is too slow and inefficient.
Do domestic and de facto partners have the same rights as people who are married?
The short answer is no with a ‘but’. The longer answer is maybe, with an ‘it depends’.
You might be wondering if you have the right to:
Claim your partner’s superannuation death benefits?
Challenge a Will or an estate if your partner has not made adequate provision for you?
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.