Monday 6 September 2021

The law surrounding inheritance

is long and complex. Making a will is deceptively simple...write down what you want to happen to what you own and sign it in the presence of two people who do not benefit and have them sign it too. Mmm...

No, it isn't quite that simple.  

There is a piece in this morning's paper about changing the law because people challenge wills. Challenges can be tied up in the courts for years. They can be very, very costly. The costs are supposed to come out of the estate - and that means that everyone who is named as a beneficiary will lose. Some of those claims are valid, some of those will change the way we apply the law, and some of them are "frivolous".

There was a case here recently where the question was one of "domicile" - where the person actually lived - and what set of laws should apply.  That was of sufficient interest to be reported in the media.  There has been another case where two daughters received uneven portions - a ninety-ten split. That gained no media attention. In the last few weeks I have been talking to someone who is a beneficiary and whose right to benefit is being challenged by the children of the deceased. Those children have had nothing to do with the deceased for many years. The will was drafted by an experienced lawyer. The children are acknowledged in the will and the reasons for the bulk of the estate going elsewhere are stated in it. They are still attempting to challenge it because it is a relatively large estate - some millions of dollars. Their claim may or may not be "frivolous" but it is certainly causing problems.

Arguments about wills seem to bring out the worst in people. Perhaps it will be a good thing if the law can bring about a little more certainty?


 

No comments: