IS IT A TRUST WHEN PARENTS RECEIVE MONEY ON BEHALF OF THEIR CHILD?

A complicated situation can occur for estate lawyers when the surviving parents of the deceased have previously received or held money on their child’s behalf. The question arises as to the basis upon which the money is held and a recent case before the District Court of South Australia is an example of the issues that can be raised. The parties to the case were formerly husband and wife. In 2007 their son died intestate (or without a will) and the mother obtained a Grant of Letters of Administration* with respect to his estate. In 1991...

read more

WHAT HAPPENS WHEN AN EXECUTOR OR BENEFICIARY IS NOT LEGALLY COMPETENT?

Often overlooked when we attend to estate planning matters is the appointment of an Attorney by an Enduring Power of Attorney and the appointment of a Guardian by Enduring Power of Guardianship. An Enduring Power of Attorney and an Enduring Power of Guardianship may only be executed at a time when the donor has legal capacity. The appointments endure beyond the donor’s legal capacity and enable the donee to manage the personal and financial affairs of the donor when they are no longer legally competent to manage their own affairs. In the...

read more