A will is a legally binding document containing an individual’s wishes on asset distribution after they pass away. These instructions cover property, bank accounts and other large valuables, as well as who they want to manage their assets until estate distribution is finalised. However, mistakes in will preparation may cause estate disputes and delays. The Will Challenge Lawyers can help you navigate the process of contesting wills if you suspect a mistake. Let’s review some of the most common mistakes in will drafting and the potential consequences.
Misunderstanding Assets and Debts
Contested wills lawyers in Sydney often see reviews and challenges with wills that were hastily prepared. Professional estate planning is important to ensure individuals appropriately address assets they solely own or have an interest in. The same goes for debts, as they can have an impact on estate distribution. Outstanding debts need to be paid first, and then any leftover assets will be distributed according to the will. In that case, beneficiaries may receive less than expected or intended, which is a common reason for challenging wills.
Failing to Appoint an Executor
Another mistake in will drafting is not appointing an executor or nominating the wrong one. The executor oversees the administration of the estate, so this is an important decision and not one to take lightly. Executors need to collect assets, fulfil debt payments and distribute remaining assets according to the will. If there are issues with the executor, beneficiaries may hire a contest will lawyer in Sydney.
Incorrect Changes
Something else to consider with will drafting is the possibility of improper changes, in which case beneficiaries may look at challenging wills in Sydney. Marriage, divorce, new children/grandchildren and death of the executors or beneficiaries are all reasons to update a will. When family members believe a will hasn’t been properly updated or they suspect it’s been made under influence or delusion, a contest will lawyer can help.
Get in Touch with an Experienced Contest Will Lawyer in Sydney
As you can see, mistakes in will drafting can lead to will disputes, which is where contested wills lawyers in Sydney come into play. The Will Challenge Lawyers is a division of Fox & Staniland Lawyers with nearly 50 years of experience in will challenges and estate claims. Contact us online to discuss challenging wills in Sydney.
