How to Avoid Wills Disputes
Posted on: 17 May 2021
Testators are often worried that their wills will be contested. Once this happens, their original will becomes absolute since the court decides how to divide the estate among the beneficiaries. So, how can you avoid a contested will? Below are a few tips.
Avoid DIY Wills
Some people opt to write their wills using DIY will kits. However, this is not a wise idea. Although the kits are designed to reduce the hassles of writing a will, testators are exposed to pitfalls that could make their will invalid. For example, wrong wording could make the will difficult to interpret. An experienced wills and estates lawyer will ensure that your will meets the required standards. For example, the lawyer will ensure that the witnesses sign the document at the same time. Further, they will advise how you can incorporate superannuation and life insurance benefits into your estate management plan.
Update Your Will
A mistake made by most testators is failing to update their will to suit their current situations. For example, you need to update the will once you buy or sell property, divorce your spouse, add or remove a beneficiary. Your wills and estates lawyer will attach codicils to change the terms of your will. In some cases, the lawyer could advise you to create a new will.
Consider a Letter of Wishes
A letter of wishes can help explain how you want beneficiaries to use the assets. It can help prevent disputes among the beneficiaries and will contests. For instance, you could ask beneficiaries to use specific assets to pay some of the estate debts. Additionally, you could also forgive people that owe debts. If you left a beneficiary out of the will or left inadequate funds for one of your dependents, include an explanation of your actions. It prevents the beneficiaries from contesting the will. If you have kids, you could state your preferred guardians.
Testamentary Capacity
Testators must be of sound mind when writing their will. Otherwise, the court could nullify the will because the testator lacked testamentary capacity. If you suffer from an illness that affects your mental state, consult with your lawyer to know if you meet the testamentary capacity requirement.
Your executor must be a trustworthy individual that can act in your best interests. If the executor misuses estate funds, beneficiaries could move to court. These legal battles could affect your original plan since a significant portion of the estate will be used to settle legal fees.
You no longer have to worry about wills disputes as your write your will. To learn more, contact wills and estates services.
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