Research conducted on will contests in Australia has revealed that Family Provision Claims have a high success rate of around 74% on average. In the case of Queensland, the success rate is even higher, with 77% of contested will claims resulting in success. It is important to note that the majority of family provision claims are settled before trial, implying that the success rate of contesting a will is significantly higher than the stated 74%. Given the high probability of success, it is crucial to seek the guidance of an experienced estate planning lawyer in Brisbane who can provide valuable insight and support when contesting a will.
A will is a legal document that outlines how an individual’s assets will be distributed after their passing. Without a will, an individual’s estate may be subject to state laws, which may not reflect their wishes. And the following points will explore why wills planning is essential for financial security and how it can help protect your legacy.
Protecting Your Assets
One of the primary reasons why wills planning is essential for financial security is that it helps protect your assets. A will allows you to determine how your assets will be distributed after your passing, which can help ensure that your assets are distributed in accordance with your wishes. Without a will, your assets may be subject to state laws, which may distribute your assets in a way that you would not have wanted.
Avoiding Family Disputes
Another reason why wills planning is essential for financial security is that it can help avoid family disputes. When an individual passes away without a will, their assets may be subject to probate, which is a court-supervised process for distributing a deceased individual’s assets. During probate, family members may dispute the distribution of assets, which can lead to lengthy and expensive legal battles.
With a will, you can avoid family disputes by clearly outlining how your assets will be distributed. By doing so, you can help ensure that your wishes are carried out and that your family members do not have to go through the stress and expense of probate.
Protecting Your Children
If you have minor children, wills planning is especially important for financial security. A will allows you to name a guardian for your children in the event of your passing. Without a will, the court may appoint a guardian for your children, which may not reflect your wishes.
By naming a guardian in your will, you can ensure that your children are cared for by someone you trust. Additionally, you can provide instructions on how you would like your children to be raised, such as their education, religious upbringing, and other essential matters.
Wills planning can also help minimise taxes and protect your assets from potential creditors. By creating a trust in your will, you can transfer assets to your beneficiaries without going through probate. This can help minimise taxes and protect your assets from potential creditors.
Additionally, you can use your will to set up a trust for your beneficiaries. A trust can provide ongoing financial support to your beneficiaries and protect their assets from potential creditors. This can be particularly important if you have beneficiaries who cannot manage their own finances.
Planning for the Future
Finally, wills planning is essential for financial security because it allows you to plan for the future. By creating a will, you can ensure that your wishes are carried out after your passing. Additionally, you can use your will to create a plan for your funeral and burial, which can help ease the burden on your loved ones.
Creating a will also allow you to review your current financial situation and make any necessary changes. For example, if you have recently acquired new assets, you may need to update your will to reflect these changes.
An estate planning lawyer in Brisbane can help you understand your rights and entitlements and represent your case in court if required. With their expertise, an estate lawyer can help you navigate the complex legal process and increase your chances of a successful outcome in your claim for family provision. Also, reviewing your will periodically can ensure that it reflects your current wishes and financial situation.