It’s Seniors Week in the Hills 15 – 23 March 2014

PLAYING FAVOURITES senior

Sometimes a parent makes provision for some but not all of their children in their Will – or treats one child differently, disadvantaging others.

Other times a parent will stubbornly stick to an equal division of assets because it is ‘fair’ in their mind – when clearly one child is much better off financially than others, or one child much worse off.

This can give rise to hurt feelings or resentment and is a common reason for people seeking advice about challenging a Will.

When a person dies and does not adequately provide for an eligible person (including a child, spouse, ex-spouse or dependant) the Court may make an adjustment on application, if it considers it appropriate (even if this is contrary to a testator direction in the Will).

The process to get to the court order is often very costly and stressful for all involved. It almost always has a significant impact upon the residual amount to be paid from the Estate to the beneficiaries. It can take years to finalise the litigation.

When making your Will you should consider the individual circumstances of your beneficiaries and what a ‘wise and just’ testator would do.

If you have a Will – have you made adequate provision for those you will leave behind?

If you don’t have a Will – YOU SHOULD!!

For assistance with drafting a Will or if you  have concerns about the provisions of your existing Will, please contact us on 8860 9477.

Author: Vanessa Steinfelder

The information in this article is of a general nature and is not intended to address the circumstances of any particular individual or entity and does not constitute specific legal advice.