In a recent interview with The Australian, Suzanne Jones explains the growing trend of contested family wills and highlights the significant costs involved.
The number of people contesting wills has climbed dramatically as the size of estates increase, children become more knowledgeable and family situations more complex.
Coote Family Lawyers' head of estate planning Suzanne Jones said it generally cost $35,000-$40,000 to bring a claim and mediate it, while cases that go to trial could be between $120,000 and $200,000 for each party.
“Remember that a will does not have to be fair, but just has to make adequate provision,” she said.
“Don’t start a case because ‘it is the principle of the matter’ – check your chances of succeeding.
“Many people are still surprised that a will-maker does not have to treat their children equally, and are unaware that if a potential claimant has significant wealth, it is unlikely that the court will make further provision for them from the estate, as claims are primarily assessed on financial need.”
Suzanne said in one recent case, a man was successful in getting a further $120,000 from his father’s estate, but his legal costs were $145,000 and the estate covered only $35,000 of that – leaving him with a $110,000 bill to pay from his $120,000.
There was no common rule about what represented “adequate provision”, Suzanne said, adding that the factors considered by legislation included financial needs, other beneficiaries or competing claimants, relationships, and the size of the estate.
If children were estranged, it could be worth considering leaving something to them “if they are aware that they have a financial need”, she said.
“There is no way to make a will ironclad … eligible claimants will always have access to the court to bring a challenge – except if they are wealthy.”
Suzanne said it could help prevent family legal fights for the will-maker to leave notes with their will to explain their wishes.
You can read the full article that was published in The Australian here.
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