WILLS & ESTATES FEATURE
Where there’s a Will there’s a way By Tracey Johnstone
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t’s a bit morbid talking Wills and Estates but with many readers asking for information on how they should go about preparing and updating their Will , Your Time has some helpful tips. It can be a confronting task to complete, but it is an important document. A Will allows you to specify what you want to have happen to your belongings after your death and greatly eases the grieving process for your family and friends left behind who are often the ones expected to work out what to do with your goods and assets. Be aware jotting down a few notes on a piece of notepaper isn’t necessarily going to be accepted by the courts as a legal Will. Neither is making a voice recording or using a pre-printed Will form. Seeking the advice of a qualified solicitor can make the process a lot easier and ensure the arrangements you leave in place are legally acceptable. Before contacting a solicitor it’s a good idea to make a list of what you own and who you would like to receive those items after your death. You should also consider who you want to manage your estate and ask them if they are prepared to do the necessary
estate management tasks. Once you have clarity on these issues, then it’s time to contact a trusted solicitor. Dying without a Will means you have died intestate. The Public Trustee then becomes responsible for your estate. It will trace beneficiaries but this can take time and attract costs that are then deducted from your estate. Once your Will is finalised and signed, it can be tempting to put it in your bottom draw and forget about it. However, it is best to take care and remember as life changes to talk to your solicitor about a review and making appropriate changes.
HOW TO MANAGE AN ESTATE DISPUTE WITHOUT INHERITING HEARTACHE Over the next two decades, we will see the biggest wealth transfer from generation to generation in Australian history. And it’s going to be complicated. With over half of all marriages ending in divorce, blended families are on the rise. When you consider that estate disputes have increased by fifty per cent over the last decade, and that over seventy per cent of these disputes are made in the context of blended families, the potential for devastating breakdowns in family units across Australia is enormous. While taking steps to undertake comprehensive estate planning will in many cases go a long way to preventing disputes after death, even specialist estate lawyers will tell you that there is no “watertight” way to guarantee that a dispute over inheritance won’t happen. We have all heard of those bitter estate battles that leave families broken for generations and hard-earned inheritances gouged by huge legal costs. Sadly, in my 25 plus years of work as a wills and etates lawyer and mediator, I have been involved in too many of these awful tales. Over and over, I have seen
the following patterns: • People are often in grief and, in their sadness, anger and wish to blame others, they try to use a legal process to resolve underlying emotional issues. • People often don’t know their responsibilities or rights, or what steps should be taken after the loss of a loved one. • When seeking that advice, grieving families are often steered down a traditional court process rather than being advised about alternative resolution pathways that could keep them out of court. The fact is that people who are grieving, unsure of their rights or responsibilities, or confused by the process, can easily become driven by fear and mistrust of other family members or the executors appointed under a will. Initial feelings of sadness can be replaced with intense feelings of anger and a wish to blame others – which are of course a completely normal part of the grieving process. However, if amplified in a legal dispute, these feelings can cause significant conflict. As devastating as the loss of a loved one can be, it is the conflict that follows when family members begin court proceedings to fight over the continued over >
Practical Common Sense Legal Advice for you and your loved ones Premier Legal Advisors for: • Estate Management • Wills • Estate Disputes • Retirement Village Contracts • Aged Care Contracts • Elder Law VIDEO CONFERENCING AVAILABLE
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