Contemplating what will happen after you pass away, can be confronting but planning ahead can make things much easier for your loved ones. One of the biggest problems that can come up is family arguments over your estate — in other words, the money, property, and possessions you leave behind.
The good news is, that you can take steps to avoid these kinds of disputes.
Key Takeaways
- Make a Clear and Legal Will
- Talk to Your Family
- Keep Your Will Updated
- Choose the Right Executor
- Seek Legal Advice
- Proactive Planning Reduces Disputes
1. Make a Clear and Legal Will
The most important thing you can do is write a clear and valid will. A Will is a legal document that says who should get your assets after you die. Without one, the law decides — and that might not be what you want.
It’s best to get legal advice to make sure your will is correct and covers everything.
2. Talk to Your Family
It might feel awkward, but talking to your family about your plans can help prevent confusion and hurt feelings later on. Most disputes arise because at some point there was a lack of clear communication amongst the key stakeholders. If you have communicated your wishes openly with everyone involved, your loved ones will at least have the opportunity to discuss the matter and attempt to understand why you’ve made certain choices. This should hopefully assist in avoiding future disagreements.
For example, if you plan to leave more to one child than another, explain your reasons. This kind of honest conversation now can save a lot of stress in the future. If the idea of discussing this with your children is overwhelming, you can create a statement which sets out your reasons.
3. Keep Your Will Up to Date
Life changes — marriages, divorces, births, and deaths all affect your estate. Executed properly your Will should last until your death but whether it reflects your current circumstances is a different matter. Make sure you review your Will every few years or when something major happens in your life. That way, your wishes always match your current situation.
4. Choose the Right Executor
An executor is the person who carries out your wishes after you die. They manage your estate, pay off any debts, and distribute your assets. Choose someone who is responsible, organised, and fair. If you foresee that there may be disagreement amongst your family, it can help to choose someone who isn’t directly involved in family dynamics, such as a trusted friend.
5. Consider Using a Testamentary Trust
A testamentary trust is a trust set up in your will that only starts after you pass away. It can help protect your assets and manage how they’re used. For example, if you have young children or someone with a disability, a trust can help make sure they are supported properly.
6. Get Legal Advice
Wills and estates can be tricky. A solicitor who specialises in this area can help you write a Will that’s fair, legal, and tailored to your needs. They can also give advice on how to reduce the risk of disputes, especially if your family situation involves blended families, stepchildren, or estranged relatives.
Final Thoughts
Planning your estate might seem challenging, but it’s actually one of the most thoughtful things you can do for your family. With a bit of preparation and clear communication, you can help make sure your wishes are respected — and your loved ones stay on good terms.
Contact us today to make an appointment with one of our Estate planning team. We will be able to step you through the estate planning process. We have years of experience helping people with their estate planning needs throughout the Newcastle, Lake Macquarie and Hunter region. Contact Us on (02) 4943 3988 to speak with one of our expert estate planning lawyers.
This blog was written by Senior Associate,
Liz McIntyre
Liz practises in the areas of Family Law, Wills & Estate Planning,
Deceased Estates, Wills disputes and Conveyancing
