[dodger]

Bank's safety box is the safest IMO, all my titles are there and you are right, even my lawyer wouldn't like to take any risk of passing a clear title to my dad the other day unless he has received a state declaration from me because he had got a few crazy cases before (involved big loan sharks).

Moving the other one to the bank this week, the lawyer can keep the will but that's all.

[amgsl55]

Moving the other one to the bank this week, the lawyer can keep the will but that's all.

reminds me, I need to redo my will

My accountant tells me, if you don't have a will, the public trustee will take about 40% of the value of your estate.

[dodger]

reminds me, I need to redo my will
My accountant tells me, if you don't have a will, the public trustee will take about 40% of the value of your estate.

I didn't know that....bastards.

[360c]

reminds me, I need to redo my will

My accountant tells me, if you don't have a will, the public trustee will take about 40% of the value of your estate.

I think the % might be a tad high; but the gist of it is spot on. Never appoint State Trustees as an executer either as they take a fixed % of the estate in fees- same for Lawyers if you are not careful.

l dealt with all this first hand years ago.

[dodger]

I think the % might be a tad high; but the gist of it is spot on. Never appoint State Trustees as an executer either as they take a fixed % of the estate in fees- same for Lawyers if you are not careful.

l dealt with all this first hand years ago.

I overlooked that to some extent , my ex wife has her lawyer as executor and I have my accountant , I'll change them both so that my sons are executors and note in the wills that they should get ADVICE from the lawyer and accountant.

They're now in their mid twenties so old enough to take responsibility.

[360c]

I overlooked that to some extent , my ex wife has her lawyer as executor and I have my accountant , I'll change them both so that my sons are executors and note in the wills that they should get ADVICE from the lawyer and accountant.

They're now in their mid twenties so old enough to take responsibility.

In a complicated estate it is not unreasonable to have a lawyer or accountant involved; but it's usually better to
specify that they be paid an hourly rate rather than a flat % of the estate.
Another thing to consider is that with 2 children as beneficiaries to the will, in the event of conflict having a lawyer as a neutral 3rd executer can knock conflict on the head before it gets out of hand. In the event of a " vote" deadlock you also have a 3rd vote to avoid a stalemate situation.

Nothing creates tension or conflict in families more than money, so best take steps to avoid the problem before it arises when you are not around to control the outcome.

[dodger]

In a complicated estate it is not unreasonable to have a lawyer or accountant involved; but it's usually better to
specify that they be paid an hourly rate rather than a flat % of
the estate.
Another thing to consider is that with 2 children as beneficiaries to the will, in the event of conflict having a lawyer as a neutral 3rd executer can knock conflict on the head before it gets out of hand. In the event of a " vote" deadlock you also have a 3rd vote to avoid a stalemate situation.

Nothing creates tension or conflict in families more than money, so best take steps to avoid the problem before it when you are not around to control the outcome.

It's fairly simple these days, 2 of the properties are in company names so I guess there will be tax to pay when they're sold but it was the right thing to do at the time. The rest will be cash and shares.
There cant be too much conflict if everything is to be sold andd the proceeds split UNLESS otherwise agreed.

[360c]

It's fairly simple these days, 2 of the properties are in company names so I guess there will be tax to pay when they're sold but it was the right to do at the time. The rest will be cash and shares.
There cant be too much conflict if everything is to be sold andd the proceeds split UNLESS otherwise agreed.

I can see scenarios that could give rise to conflict there. Lets say you put your lawyer in as 3rd executor and the boys
agree on the course of action to be taken without argument. The lawyers involvement should be no more than simply signing off on it. Charges would be minimal on an hourly rate. However if they got into a big fight than you have the situation covered anyway.

l guess my point is to always seek quality estate planning advice. What may seem simple and straightforward to us may in fact be anything but when the time comes. One more thing, you should revisit your will at least once every 5 years or so. A lot can change in a very short time!

[dodger]

I can see scenarios that could give rise to conflict there. Lets say you put your lawyer in as 3rd executor and the boys
agree on the course of action to be taken without argument. The lawyers involvement should be no more than simply signing off on it. Charges would be minimal on an hourly rate. However if they got into a big fight than you have the situation covered anyway.

l guess my point is to always seek quality estate planning advice. What may seem simple and straightforward to us may in fact be anything but when the time comes. One more thing, you should revisit your will at least once every 5 years or so. A lot can change in a very short time!

The way I thought of wording it was , everything is to be sold unless otherwise agreed upon, so that takes out any possibility of argument without a resolution.

[360c]

The way I thought of wording it was , everything is to be sold unless otherwise agreed upon, so that takes out any possibility of argument without a resolution.

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.......