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Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
You can't cover every scenario. Lets say that they don't agree for whatever reason. The arguments could ruin their ongoing relationship for life. Not what you would want l am sure.

l would spend a few bucks on specialist legal and accounting advice. There may be a better way to structure things for a better financial outcome in the estate. If you live another
50 years there could be a shitload of tax to pay out on sale of the assets just because you want to give them cash which is an under performing asset class in any case.

You might also want to consider how to protect the assets should one or both of them end up in the family law courts.
The chance of that is 50% and rising.......

I'll be seeing the lawyer soon and I'll check my accountant out as well.

I've been more concerned about family court and relationship problems, I've told them if they ever live with someone in a place you've bought see the lawyer or risk losing half of it.
It's a shame to have to muddy the waters with that stuff but that's the reality these days.



Offline andecorp

  • Biggest daddy in the park 300kph+ club
  • No idea how to make her happy!

  • Joined: Jan 2007

  • Drives: too many cars for one ass
I'm reorganising my will and I will use State Trustees as executors. My reasoning is simple - private law/accounting firms can go out of business.
Private persons that I trust can die before me or even with me if it's an accident.
State Trustees will be there forever and can handle complicated wills like mine (overseas entitees, etc)
You make something idiotproof, they'll make a better idiot.



Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
I'm reorganising my will and I will use State Trustees as executors. My reasoning is simple - private law/accounting firms can go out of business.
Private persons that I trust can die before me or even with me if it's an accident.
State Trustees will be there forever and can handle complicated wills like mine (overseas entitees, etc)

Have you checked out the cost ?



Offline PA

  • One man comedy gala

  • Joined: Jan 2008

  • Location: www.club-carbon.com
A friend has asked me just this morning to be his executor. Now where is the gun.



Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
I'm reorganising my will and I will use State Trustees as executors. My reasoning is simple - private law/accounting firms can go out of business.
Private persons that I trust can die before me or even with me if it's an accident.
State Trustees will be there forever and can handle complicated wills like mine (overseas entitees, etc)

I just rang them - It's 2.2% for $2M as an example, I didn't ask on higher amounts but that $40k ...crazy

I guess in your case where it's very complicated you really haven't got many choices.



Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
A friend has asked me just this morning to be his executor. Now where is the gun.

Find out how complicated his affairs are first, you may find it's a full time job.



Offline andecorp

  • Biggest daddy in the park 300kph+ club
  • No idea how to make her happy!

  • Joined: Jan 2007

  • Drives: too many cars for one ass
I just rang them - It's 2.2% for $2M as an example, I didn't ask on higher amounts but that $40k ...crazy

I guess in your case where it's very complicated you really haven't got many choices.
$20K per mil is cheap for absolute piece of mind.
You make something idiotproof, they'll make a better idiot.



Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
$20K per mil is cheap for absolute piece of mind.

Well yeah there is that.

I wonder if they do a good job, I've never heard any feedback on them.



Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
From their web site, there's a lot to do, even paying the bills would be a chore when you don't know someone's affairs, perhaps you're right.

Quote
An executor shoulders many responsibilities including:
locating the Will
helping arrange the funeral
applying for a Grant of Probate at the Probate Office
securing assets, paying outstanding bills, arranging valuations
locating and identifying beneficiaries, including those overseas
defending the estate against litigation
lodging tax returns for the individual as well as their estate
resolving disputes between beneficiaries



Offline amgsl55

  • Tooth hurty

  • Joined: Feb 2011

  • Location: Adelaide
Well yeah there is that.

I wonder if they do a good job, I've never heard any feedback on them.

I have several patients who's financial affairs are managed by the public trustee

They do a great job, we always get paid on time.  :D



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