Want to ensure there are no disputes or complications in your probate process? While some disputes over Wills and beneficiaries are unavoidable, there are steps you can take to decrease the likelihood of your loved ones going through the stress and tension of a Will dispute after your passing.
Follow our tips for a smooth probate process and greater family harmony during a time of mourning.
1: Ensure your Will is valid and up to date
The simplest way to avoid disputes about your Will is to ensure it is as up to date as it can be. Valid, current Wills are the most difficult to dispute because they are the more clearly accurate representation of a person’s wishes at the time of their death.
If you don’t have a Will at all, you risk dying intestate and having your assets divided between family members in a way that you might not have wanted. If your Will isn’t valid and formal, it can also lead to disputes and some potential beneficiaries claiming they have been left out.
Always have a Will that has been properly put together and that reflects your circumstances and assets.
2: Choose the right executor
Many people decide to choose a family member to be the executor of their Will. While selecting an executor who you trust and who you know well is vital, it is not always advisable to choose someone who is also going to be a beneficiary of your Will. This is because it can cause tension between your executor and other beneficiaries; for example, if you have multiple children but select only one of them to be the executor, your remaining children may suspect the executor of working in their own interests. It can be better to choose a professional executor, especially if you have a complex estate.
3: Include all your assets
When writing a Will, most people remember to include their main key assets (such as their home, any investment properties they own and cars) and some significant sentimental items, such as jewellery, artwork or antiques.
However, many Australians have more assets than they realise, which are not always included in their Will. These can include superannuation, insurance policies, assets held within trusts, and even household items which still hold considerable worth.
To avoid disputes over who inherits these, it’s best to specify all your assets and the person (or persons) you wish to inherit them in your Will. The more comprehensive your instructions are, the easier it is for your executor and the less likely there is to be a dispute.
4: Consider your dependents
Your assets are your own and it is largely up to you to distribute them how you would like to. However, it is possible for Wills to be contested in cases where financial dependents and children have not been properly taken care of.
Anyone who is financially dependent on you can challenge your Will if they have not been left some support, including your spouse or partner if they don’t work or will not be able to financially support themselves without you.
Speak to a Lawyer
Need assistance putting together your Will, or want to update or revise an existing one? The team at RV Legal can help. Chat to our team today.
