A little will power now, can save rather a lot later...

If you want to leave someone out of a will, the costs later may be very much higher than expected.

I regularly advise and prepare wills for clients – nothing unusual about that for a suburban law office.  Many times my advice includes that in making their will, they consider its effect on those left behind, particularly their loved ones, after they’re “gone”.  That might include thinking about the bigger picture rather than concentrating too much on getting back at someone.  This can be difficult for clients, especially when some emotion is involved and we can’t access a crystal ball that works!

For a long time we’ve all had rights and freedoms to deal with our property as we see fit for that day we’re no longer here.  But those rights and freedoms need to be exercised with other laws in mind that allow certain people who feel they’ve missed out from a share, or a bigger share of an estate, to ask the court to effectively adjust the will’s distribution of a deceased person’s estate.

For example, clients with modest to substantial estates may make little or no provision for one of their children.   Reasons can include estrangement, perceived drug issues, assumed wealth, even not getting a Christmas card!  My advice to the will maker in these cases is to inform of some consequences they may not have considered… such as exposing the estate to possible unintended but costly litigation.

An article in today’s Sydney Morning Herald describes a situation that I’ve encountered, unfortunately, many times – the risk of very high legal costs because the will maker, for whatever reason, didn’t make a gift to someone who probably expected a fair provision.

If you want to leave someone out of a will, the legal costs payable by your estate later may be very much higher than expected.

Each individual’s situation is different but if this sounds too familiar to your situation, a little prevention now, such as making a gift in a will that you may not have originally intended or wanted, can be a small cost now to help reduce the risk of much, much higher costs later.  Does this sound like you?  Have a chat with your solicitor about it!