Why it is important to start up that inheritance conversation

Presented By Owen Hodge Lawyers

Overview

1. Introduction

2. What happens if you die without a Will?

3. Talk with family members and your attorney to prevent

a will contest

4. What if you have been left out of a Will?

5. Get the help from us

Introduction

Talking to your family about your Will and other related matters is easier the sooner you start. Quite frankly, you don’t want to leave them with a nightmarish mess.

However, before you begin that conversation, give careful thought to your preferences and talk to your attorney. It is better to benefit from some legal knowledge and experience before summoning up your nearest and dearest for a conversation.

It is much better to have that inheritance conversation than to spring a surprise. There is no need to be lugubrious -- just consider yourself the sort of sensible person who takes care of these things.

What happens if you die without a Will?

If you die without a Will, the sum of what you own will be divided according to priorities defined by law that generally favor a spouse and children before other individuals. This may not be what exactly what you intend and there may be good and sound reasons to depart from this standard formula.

You should not assume that your frequently expressed desire, even one committed to writing, that a particular friend or relative should have a particular object will be honored, absent a Will. Even if all assets are owned jointly with a spouse, the transfer of those assets will take longer and can become more complicated without a Will, all of which may make the payment of ongoing expenses difficult.

What happens if you die without a Will?

If you are in a de facto relationship, if you have divorced, remarried, if yours is a blended family or if you have minor children for whom guardianship could become an issue, it is especially important to have a Will. Do not neglect to update it as your family or financial situation changes.

What if you have been left out of a Will?

If you were a member of the household of someone who died and were financially dependent on him or her but were left out of the Will, you may be able to contest its provisions.

The same may be true if you believe that that the Will does not reflect the deceased person’s intentions because of mistake, fraud or other malicious influence.

The courts are often willing to take a second look at Wills that do not provide for children or spouses who might be regarded as the natural objects of a deceased person’s bounty. These situations require the assistance of a skilled estate lawyer, however.

GET THE HELP FROM US

At Owen Hodge Lawyers, we have been helping clients with estate planning issues for many years and where necessary, with Will contests.

If you have questions about a Will, or would like to make or update one, please contact us at 1800 780 770 as soon as possible to schedule a consultation.

It is much better to attend to this matter early, rather than to wait until the opportunity for careful planning or timely objection is past.