Losing a loved one is undeniably hard, and the last thing any family needs during a time of grief is the added stress and cost of a legal dispute over the deceased estate. On the Fraser Coast, we at Geldard Sherrington Lawyers believe in proactive planning to help families manage deceased estates effectively, ensuring a smooth and harmonious transition of assets.
Our goal is simple: to help you manage deceased estates in a way that honours the wishes of the departed while preserving family relationships. Here are the practical, preventative steps you can take now.
- Maintain a Clear and Current Will
- The most crucial preventative measure is a professionally drafted, up-to-date Will. Many family disputes arise from Wills that are outdated, ambiguous, or incorrectly executed.
- Be Specific: Clearly name the executors and the beneficiaries. Use plain language to specify which assets (e.g., a particular property, shares, bank accounts) go to whom. General phrasing like “divide my estate equally” can sometimes lead to arguments over the value of specific, non-cash assets.
- Review Regularly: Life changes rapidly marriages, divorces, the birth of grandchildren, and the acquisition or disposal of major assets. Your Will should be reviewed every three to five years, or after any significant life event.
- The most crucial preventative measure is a professionally drafted, up-to-date Will. Many family disputes arise from Wills that are outdated, ambiguous, or incorrectly executed.
- Document Your Intentions Extensively
- If you plan to divide assets unevenly, or leave certain family members out of the Will, be prepared. While the law allows family provision claims (challenging a Will), good documentation can often deter them or strengthen the estate’s defence.
- Statement of Reasons: Write a separate, dated, and signed document explaining your decisions. This ‘Statement of Reasons’ explains your relationship with the excluded person or why specific gifts were made. This is powerful evidence of your intentions.
- If you plan to divide assets unevenly, or leave certain family members out of the Will, be prepared. While the law allows family provision claims (challenging a Will), good documentation can often deter them or strengthen the estate’s defence.
- Communicate During Life
- While not legally binding, open communication about your estate plan can significantly reduce surprises and resentment after your passing.
- Transparency (Where Appropriate): Letting your adult children know that a particular sibling is receiving the family business (for example) and why, allows them to process the decision while you are still alive, rather than reacting in anger and grief when the Will is read.
- While not legally binding, open communication about your estate plan can significantly reduce surprises and resentment after your passing.
- Appoint Neutral and Competent Executors
- The executor is the person responsible for managing the administration of the estate.
- Neutrality is Key: Choose an executor who is impartial, organised, and capable of handling complex administrative duties. If potential conflict is high, consider appointing an independent third party, such as a professional trustee or solicitor.
- The executor is the person responsible for managing the administration of the estate.
At Geldard Sherrington Lawyers on the Fraser Coast, we offer expert advice on all aspects of estate planning and administration. Don’t leave your family’s future to chance; take action today to secure peace after loss, not strife.
Ready to discuss reviewing or drafting your estate plan?
">Email or call us on 07 4194 5422 to book a consultation. View our services online.