Five ways to avoid disagreements over your will
No one wants their legacy to spark conflict — yet poor estate planning can do just that. With intergenerational wealth transfers growing rapidly, disputes over wills are becoming more common. The Productivity Commission found annual inheritances in Australia doubled between 2002 and 2018, and $3.5 trillion is expected to change hands by 2037.
As families become more complex and blended, tensions can easily arise after a loved one passes. It’s estimated that up to 70% of wealth transfers fail due to family conflict or poorly executed plans.
To help avoid disputes, here are six key tips:
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Talk openly
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Be fair — and explain
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Keep it current
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Consider a testamentary trust
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Be specific
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Get expert advice
Click here to read an in depth discussion on how thoughtful estate planning can help preserve both your legacy and your family’s harmony.
Talk to us about how your will can be set up in a way that safeguards your assets and keeps the peace. With the right estate planning you can move towards your goals with confidence.
Until next time,
Regards Rodney.
Rodney Johnstone CFP BBus, DipFP, GradDipAppFin
Authorised Representative of Count Financial Limited
Financial Adviser, FPW Financial Advice Pty Ltd
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