Family relationships can turn into nasty confrontations when it comes to administering a deceased estate and distributing assets.
You may think that the way you have decided to distribute your estate in your Will is fair and even-handed, but your wishes may cause more trouble than they are worth when you die.
You should discuss your wishes with the experienced specialist estate planning team in Adelaide at Genders & Partners solicitors, so that you can find and prevent problems before they tear your family apart.
When you consider creating your Adelaide Will you may have good reasons for treating your children differently.
If one of your children is in an abusive relationship with their partner, for instance, you probably will not want the abusive partner to get their hands on any of your assets.
This can prove to be a difficult situation, and requires special care and attention. Special provision may have to be made to ensure that your assets are protected.
There are situations when one of your children may have lost his or her job due to no fault of their own and you may wish to allocate more of your assets to this person, knowing that it might be difficult for him or her to find employment.
These sorts of decisions may seem right to you but they may seem unfair to another hardworking child who feels he or she has missed out on an equal entitlement to your estate.
There may be a child you wish to disinherit completely because of something that has been done to you in the past. You may even wish to apportion this child’s share to his or her children (your grandchildren) to help to support your actions.
You may have a physically or mentally disabled grown up child you have been caring for and who will need alternative care on your death.
A provision in your estate plan can be made to ensure this person gets quality ongoing care (whether or not a relative is not prepared to take on the task). The cash amount of this may take up more of your estate than you think.
These situations are extremely sensitive, and it is critical to take timely and specialist legal advice from a solicitor who is experienced in estate planning in Adelaide and throughout South Australia.
You should ensure that any decision you make is backed up by a carefully-documented fair reason so that your family & beneficiaries know why you have acted in a certain way. This may help to minimise or avoid any future conflicts between your siblings and their children.
If you live in South Australia the safe way to ensure your estate is properly planned in accordance with your wishes is to contact our experienced Adelaide estate planners at Genders & Partners who will advise you sympathetically with all your family in mind.
Our law firm has been helping South Australian families compile estate plans since 1834 when our firm was first founded.
Contact us today on (08) 8212 7233 to arrange a FREE telephone consultation and to request a FREE copy of our special Report: “7 Things You Must Know Before You Make Your Will”. Genders and Partners is located at Suite V1, Level 3, 169 Fullarton Road, Dulwich SA 5065.
SPECIAL REPORT “7 Things You Must Know Before You Make Your Will”
In this report you will Learn:
Why home-made Wills can be a LOT more expensive than you might think.
The secret weapons used by the rich & powerful to protect their assets, and transfer their wealth two or three generations ahead.
How Estate and Trustee Companies make BIG money from “free” Wills.
The Most Common Estate Planning Mistakes, how they can cost your family a fortune, and How to Avoid Them.
The Elements of a Sound Estate Plan – why a Will alone is not enough.
How to Make Sure Your Assets Stay in Your Family and are not lost to creditors, lawsuits or ex-spouses.
How to guard against challenges to your Estate after you’re gone.