Most inheritance lawsuits would be avoided if a will has been drafted and vetted in the proper manner. Unfortunately, as one recent study has revealed, Australian citizens are sorely lacking in their preparations for “intergenerational wealth transfer”.
According to a research study conducted by Perpetual, more than 50 per cent of Australians do not currently have a will in place.
The research showed more than just how many Australians have yet to draft their will. It also noted that more than half of all Australian parents surveyed had not yet discussed their will or estate plans with their children.
Both of these figures illustrate a primary reason why estate conflicts and lawsuits are so common in Australia at the moment – much of the planning necessary to prepare for the hand over of an estate often goes undone.
“Conversations about money can be awkward, and for many, discussing where and how your wealth will be distributed when you’re gone is no exception,” explained a Perpetual representative quoted in the study. “We tend to shy away from discussing money amongst our families and friends. However, as we approach the largest intergenerational wealth transfer in history with more than half of Australians expecting to inherit, why have only just over a third discussed their wishes with their children?”
Of course, these statistics are not exclusive to Australia. Another study published earlier this year, and reported on by The Independent in the UK, noted that “half of the UK fails to write a will at all”.
Additionally, the very same article reported that “millions of Britons would be prepared to contest a loved one’s will if they were unhappy with how the assets were divided”, proving that estate conflicts are no less common internationally.
In Australia, the courts are of course always at your service to contest a will, or to challenge how an estate has been divided up. If you feel that a will was drafted under improper influence, or even if there was no will in the first place, inheritance lawyers can help you sort out even the most tangled estate.
Are you currently involved in a dispute regarding a will? Be sure to contact the inheritance lawyers at Gerard Malouf & Partners Compensation, Medical Negligence & Will Dispute Lawyers, who are uniquely trained to assist you through the many challenges that come along with contesting wills.