“The range of “risks” to which a will maker, his or her property, interested parties or members of the legal profession may be subject is probably infinite in its dimensions. Risk cannot be eliminated from life, or, it seems, from death.“
The Hon Justice Lindsay, Equity Division, Supreme Court of New South Wales,
Seminar presentation to the Succession Law Committee of the Law Society of New South Wales, 2013.
Some of these will making risks in broad terms are:
- Will kits, DIY wills;
- Gifts or bequests made with no substitute in case the gift is sold or disposed of before death;
- Not updating a will;
- Not making a new will after marriage, divorce or relationship change;
- Ignoring asset protection for professional and business-owner beneficiaries;
- Tenancy of property owned with others;
- Failure to include a residuary clause;
Seeking professional services from a legal practitioner specialising in wills and estates is money well spent when considering the stress, time and costs of resolving problems afterwards.
Updated 23 March 2022
Image: B Stead.
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