Article of Interest on Wills & Estates

WILL OR NO WILL?

It is a well known fact that a large percentage of the Australian population does not have a Will taking into account their current circumstances.

Lawyers practising in the area of Wills and Estate Planning are told frequently that their partner refuses to make a Will. The reason commonly given is that “they would be tempting fate” and inviting the “grim reaper” into their life. This is simply misguided superstition.

The other very common circumstance is the failure by many to revisit the Wills they had made earlier in life. Circumstances change and can change rapidly.

The death of a life partner makes it essential for a Will made earlier in time to be re-examined. A change to the nature of family relationships and friendships require a re-examination of a Will. Separation, without formal divorce can create specific problems in any estate plan and interpretation of a Will which need to be addressed. The establishment of a new relationship can create enormous shockwaves after death unless it has been carefully addressed.

Our ever changing financial circumstances need to be addressed in a current Will. A well intended minor financial gift at one point in time may represent a very large portion of ones final estate at another point in time and not intended.

If you don’t have a Will, legislation dictates how your estate is to be distributed. In other words, individuals may benefit from your wealth in amounts which may not seem fair to you. On the other hand if a Will is incorrectly drafted, which is often the case when drafted without legal assistance, then the intention of the deceased can be confused or lost. The cost of interpreting the Will by the Court can often significantly diminish the value of the Estate.

Consulting reputable, experienced Estate Planning Lawyers will give you certainty and peace of mind. They do not have a pact with the devil. They will put together a plan and Will based on your instructions which indentifies and addresses issues of potential dispute.

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