Approximately 60% of Australian adults do not have a Will. This equates to about 12 million Australians who are unprepared for their estate distribution upon death.

However, it’s important to note that having an outdated Will can be just as problematic as not having one at all.

Family lawyers are warning that Will related disputes are expected to escalate as the ‘great wealth transfer’ unfolds.

Here are our tips on why it may be a good time for a Will review.
Key life events necessitating Will updates
To protect your legacy and minimise the risk of disputes, it’s crucial to keep your Will up to date.

Here are some key life events that should prompt a review:

Family changes

1. Marriage or entering a de facto relationship
2. Divorce or separation
3. Having children or grandchildren
4. Becoming a step parent
5. Your children having children or becoming step parents

Financial and career changes

1. Starting a new business or changing jobs
2. Becoming a director or shareholder of your own company
3. Creating a Family Trust
4. Creating a self-managed superannuation fund
5. Significant changes in assets, such as buying or selling property
6. Receiving an inheritance or financial gift
7. Bankruptcy of you, your spouse or a beneficiary

Property related changes

1. You or your spouse buying property
2. You or your spouse buying property overseas
3. Moving into a retirement village or care home

Life stage transitions

1. Retirement of you or your spouse
2. Being diagnosed with a serious illness

Changes related to beneficiaries

1. Death of a spouse, parent or beneficiary
2. No longer wanting to leave anything to a particular beneficiary

Protecting your Will from contestation
To minimise the risk of your Will being contested, consider these steps:

1. Regular reviews
   Update your Will every five years or after significant life changes.
2. Clear communication
   Discuss your intentions with family members to manage expectations.
3. Detailed documentation
   Clearly explain your decisions, especially for unequal distributions or exclusions.
4. Consider family provision claims
   Be aware that certain family members can contest a Will if they believe they haven’t been adequately provided for.
5. Seek professional advice
   Consult with a lawyer and financial adviser to ensure your Will is legally sound and reflects your current circumstances.

The importance of professional legal advice
An estate lawyer can ensure your Will is:

• Legally valid under Australian law
• Free of ambiguities and errors
• Crafted to withstand potential challenges

The delicate matter of exclusion
While you have the right to distribute your estate as you see fit, it’s important to understand the potential consequences of excluding immediate family members from your Will.

In Australia, family provision laws allow eligible individuals to contest a Will if they believe they haven’t been adequately provided for.

Eligible individuals typically include:

• Spouses or de facto partners
• Children (including stepchildren and adopted children)
• Dependants

If you’re considering excluding someone, it’s crucial to document your reasons clearly and seek legal advice.

Avoid DIY Will kits as they often lead to mistakes or oversights that may render the Will invalid or open to interpretation.

Ensuring clarity and fairness
To reduce the likelihood of disputes, ensure your Will is clear, unambiguous and perceived as fair. Consider the following:

1. Explain unequal distributions
   Clearly state your reasons for leaving different amounts to beneficiaries.
2. Address potential conflicts
   Consider addressing existing family tensions directly in your Will or accompanying documents.
3. Choose your executor wisely
   Select someone impartial and capable of managing potential conflicts.
4. Consider a testamentary trust
   This can provide more control over how your assets are distributed and managed after your death.

As we approach the largest intergenerational wealth transfer in Australian history, it’s more important than ever to ensure your Will accurately reflects your wishes and is legally robust.

By regularly reviewing and updating your Will, communicating clearly with your family and seeking professional advice, you can significantly reduce the risk of disputes and protect your legacy for future generations.

Remember, a well crafted Will isn’t just about distributing assets – it’s about providing clarity, minimising conflict and ensuring your final wishes are respected.

Don’t let your hard earned wealth become a source of family strife.

Take the time to review and update your Will today.