Off the list: leaving people out of Wills
(Written by Sandra Gully)
There may be a reason to entirely leave family members/ eligible people out of a Will. You may have already provided for them (so, further provision may be unfair to others), or matters of waste (including ‘lifestyle’ choices like drug or gambling issues), or an estranged child of many years who resisted attempts at reconciliation.
You may consider preparing a Statement (to be kept with the Will) detailing why you made a particular decision about your estate – including acknowledging any health and financial matters of the parties (which a court would consider), or other relevant factors. A written statement could be evidence for a court in a dispute – after you have passed (and cannot explain your intentions further).
After making a Will: Your Will document is confidential and should be safely stored – in a fireproof and waterproof container at home, or in a secure storage facility (with professionals – ensure your Executor or trusted family member knows where it is stored).
Finally, no one is entitled to know the Will terms – until after your Death – and then only specific people may request to be provided with a copy.
No Will, so what?
Your assets may become subject to the rules of intestacy, and require an application to a Court to appoint an administrator to manage and distribute your Estate.
This can be a little slower, more of a burden on family, including navigating disputes if your Estate is more complicated, and your Estate may be distributed in ways other than would be your preference.
We recommend you review your Will provisions periodically (including after significant ‘life events’) to ensure it considers your assets, financial interests and personal connections or relationships.
Our friendly Wills team are available to help guide you through the process of preparing a Will and can discuss your specific requirements in greater detail.
NOTICE: This article is accurate as at the time of publication and does not constitute legal advice.