High profile family estate battles are popular in the media, like those of mining magnate Lang Hancock and prominent businessman Richard Pratt.
However, there are many other cases involving “ordinary” Australians that don’t get picked up by the media but which are equally emotionally and financially draining, potentially destructive and prolonged.
A person’s will is likely to be one of the most important documents they will make in their life. Having no will, or a poorly drafted will, can have serious financial and other consequences for those who are left behind. However, even with so much online information and do-it-yourself will kits available, many seem to still be getting it wrong. In fact statistics from the Supreme Court point to a steady increase in disputed wills in recent years. So why is this?
It has been argued that this is due to the breakdown in family relationships and social changes that have seen the emergence of more blended families. Some cite the fact that grandparents and relatives are now more likely than ever to have the full time care of children, and that more people are raising children who aren’t biologically related to them.
There is certainly evidence to suggest that the increase in remarriage and second or third families correlates with the growth in the number of family provision claims. However, there has also been an increase in the size of estates in line with increasing property values. People are also holding more wealth in superannuation, which may on death be paid into the estate but will often be paid directly to dependants. These are just some of the factors that have increased the complexity of estate planning and getting one’s affairs in order properly.
Most people would expect that a person making a will would provide for their spouse and any children who are young or dependent on them. There may, however, be other people who would be eligible to make a claim if the will does not adequately provide for them. This group includes adult children.
This can be even more complicated if people have re-partnered and have younger children or stepchildren as well. The problem is that parents who fail to properly provide for adult children run the serious risk of a legal challenge to their wills, which can be extremely costly and time consuming for their families.
There are ways people can ensure their wishes are respected and fulfilled. The best way to avoid problems is to give some thought to what they own, and who needs to be provided for, and make sure that they revise their will if circumstances change.
CGC Law encourages people to seek expert legal assistance in preparing a will. This is the surest way to avoid common pitfalls and to find out what the legal position is, in relation to each person’s specific circumstances.
Our lawyers provide wills in the Sutherland Shire and greater Sydney area, including:
Wills, from simple to complex
Testamentary Trusts in Wills
Protective Trusts and Special Disability Trusts
Blended family solutions
Enduring Powers of Attorney
Appointments of Enduring Guardian
Advising on the risk of estate claims and crafting appropriate strategies
Tax effective strategies
Estate planning for superannuation
Reviewing family trusts to pass control on death
Documents for incapacity (such as Enduring Powers of Attorney, Health Directives, etc.)
Safe custody document storage
Call or email us today to arrange a conference.