Family members contesting a Will is expensive (paid for by the estate) and very common.
Disputes can't be completely prevented. But at Will Wizard® we believe your Will should do more to help.
If you choose for your children to inherit equally, there are two very common ways inheritance equality can be ruined.
Will Wizard® includes clever inheritance equalisation provisions that instruct the executor to take into account these common causes of inheritance inequality that lead to family disputes.
Family disputes can cost your estate hundreds of thousands of dollars!
Superannuation Death Benefits
If one of your children is under 18 or a full-time student at the time of your death (while the rest of your beneficiaries are tax paying adults) they will likely receive the entire super payout plus an equal share of the remaining estate.
This would ruin your hopes for inheritance equality and create a very real scenario where a dispute could occur.
Alternatively if unrecorded loans were made to certain children and not others on the understanding it comes out of their inheritance, or if one child ends up in control of the family trust set up by the parents, inheritance inequality will occur, thereby leading to a dispute.
Personal & Household Possessions
Will Wizard® provides a Family Heirloom and Chattels Record to ensure that family members receive family heirlooms or chattels (i.e. jewellery, furniture, artworks, knick knacks, letters etc) that you have promised to them during your lifetime.
While it may seem impossible now, it is very common for very small things to lead to very damaging and costly disputes between family members who are grief stricken.
Family disputes can cost your estate hundreds of thousands of dollars, not to mention the enormous personal toll on relationships.
Please note: If you have certain complexities such as family members with a disability, complex business interests or are part of a blended family we suggest you seek the advice of a experienced estate planning solicitor. If you are unsure about any of the information provided here please seek professional advice or contact us.