Apart from updating your Will quickly after divorce, what other measures should you think about to ensure you reduce your changes of having your Will challenged? This lengthy article in the Sydney Morning Herald (link below) discusses all things Will-related and features case studies designed to show how hard it can be to design a Will that is “watertight”. The report finds:
“Almost 60 per cent of Australians have a will, rising to 93 per cent of people over 70, but, as important as it is to have a will, making it watertight is another matter.”
And the consequences of having a ‘weak’ Will can be dire, with experts warning:
“When wills are challenged, there is a high rate of success. About three-quarters of contested estates result in a change of distribution.”
However, on the upside, the experts do recommend a range of measures you can undertake to reduce your chance of someone successfully challenging your will, including things like remembering to update your will when you get divorced, considering giving money away while alive, having the hard discussions with loved ones now to sort out problems, perhaps even trying mediation or family counselling, among more.
For the full list of suggested measures and a comprehensive discussion of the subject of Wills, go to: http://www.smh.com.au/money/planning/make-your-last-wishes-everlasting-20150616-ghkt37.html
Do you need assistance with a family law matter which can be connected with Wills (ie in the case of blended families, would you like to discuss a pre-nup or binding financial agreement as this can impact upon the size of your Estate in some cases)? If so, please feel free to contact one of our friendly solicitors Cristina Huesch, Sharla Stevens or Angela Li at Alliance Family Law on (02) 6223 2400 to discuss your needs.