Unfortunately when it comes to Wills and Estates, assumptions, myths and misconceptions are all too common and often result in heartache and expensive mistakes.
Recently we wrote a blog post about the Top 5 Wills and Estates Myths but here are 4 more common Wills and Estates misunderstandings.
My family know what I want
Many people assume that family members know their wishes and will just follow them.
Unfortunately many people don’t formally explain their wishes to their loved ones and if they do, family don’t always agree with ‘what is best’. This can have disastrous and painful results, especially when it comes to who will care for children.
Even if you have been clear with family, without an up-to-date and valid Will, your family may lack the legal power to carry out your wishes.
My family won’t argue over my assets
We all know stories about families arguing over assets, but many of us like to think, ‘that won’t happen to us. Our family get along really well’.
In reality it’s hard to predict how loved ones will react in this situation. Everyone reacts to grief differently and may act in ways you may never have expected.
When it comes to administering a deceased estate, sometimes the seemingly littlest things, such as distributing items that only have sentimental value, can cause conflict. All too often we have seen this result in family rifts that last years.
It’s incredibly important you are clear about your wishes and document them in a legally valid Will.
I won’t make a Will because I know my family will argue anyway
On the flip side, some people have families they think are likely to challenge a Will or argue regardless of the deceased’s wishes.
In these situations, a person may not make a Will at all, or just keep putting it off.
Fortunately there are strategies a qualified Wills and Estates solicitor can use to minimise the chance of a Will being challenged, and/or ensure a Will can be easily defended.
It’s best to speak to someone like Gill & Lane Solicitors who can provide advice on your unique situation.
I don’t have much so sorting out my estate will be easy
Deceased estates can be difficult to sort-out when there isn’t a Will.
It can be a lengthy and expensive process even for an estate with little assets.
Also remember assets may include significant financial assets such as property, shares or savings but it can also include superannuation and associated life insurance and keepsakes that may only have sentimental value.
You should consult a Wills and Estate professional who can provide advice on your unique situation.
Contact Gill & Lane Solicitors at Sandgate via GregL@gillandlane.com.au, or 3269 8111 for a free, no obligation consultation.