- Many people are under the misguided impression if they leave a small amount of money to a child of theirs then such child cannot make a family provision claim against their estate.
This impression is not correct as the law requires a parent to make adequate provision for their children in their estate or alternatively prove they have already made sufficient provision for such a child during their lifetime.
- Loans made to children during a Willmaker’s lifetime is a common occurrence. Many people think a loan made to a child during their lifetime can be taken from such child’s share of the estate.
Certainly, the statement can be made in the Will but legally a loan has to be called up by way of legal action within a period of six years as determined in the Limitations of Actions Act 1974 (QLD). If the loan is not called up within the 6-year period, there may be no legal basis for a claim to repay the loan to the estate or set it off against a child’s share.
- Sometimes a Willmaker wants to leave a discretion to someone else to decide how their estate is to be distributed after their passing. This could lead to all sorts of problems and cause unwanted family provision claims and legal actions against the estate due to vagueness and uncertainty. It can also put such a person under tremendous stress and discomfort as well.
This is never a good idea and could lead to costly legal proceedings funded by your estate.
- Last one, a Will is only for the super wealthy… not correct! If you have a bank account, a car or a home you have an estate which needs to be administered in the event a death. Without a Will the rules of intestacy apply and then predetermined beneficiaries will receive the estate.
If you have any of the aforementioned scenarios in your estate planning situation, its best to seek advice from your estate planning lawyer in order to make sure your situation is correctly addressed in your Will.
