Did you know that Wills can and do, get contested all the time?
To be valid, a Will must be created thoroughly and correctly, so that your estate is dealt with how you want it to be and, if it is challenged, your wishes are able to be defended.
Aspiring Law Senior Associate
You should also review your Will regularly to make sure it still reflects your circumstances. Consider your family dynamics. Are there any family members that you don’t get along with? Are there other relationships such as adoption or stepchildren which need to be considered?
Blended families can be tricky. If one partner is more likely to die before the other, how do you want to split/protect the assets for that person and their children?
While there is a moral duty to provide for close family members such as partners and children, you cannot rely on your partner to provide for your children if you die first. That means your children could lose out on their inheritance.
Are you going to treat all your children equally? If not, make sure there’s an explanation or paper trail as to why not. Here in New Zealand, parents are not only ‘financially’ accountable, but they also have a duty to recognise the child as part of the wider family.
To completely disinherit a child is frowned upon by the Court unless there are special circumstances; for example, your child has distanced his or herself from the family.
Can you change your Will? Wills can and do get changed all the time. It’s a scary thought, but if you do you don’t have to tell anyone – not even your partner or spouse. Unlike a Contracting Out Agreement where both parties need to mutually consent, one partner could easily change their mind and alter their Will which may not be in your best interest.
Make sure you cross your T’s and dot your I’s. And make sure you seek expert advice, because a Will really is only as good as the words you use.
