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When writing a will, you expect that your instructions will be followed to the letter. However, there are instances when beneficiaries or third-parties could dispute your will. If they happen to win the case, the jury will determine how to re-distribute your assets. That should not be the case if you follow the guide below on how to avoid wills disputes.
Choosing Fiduciaries
Fiduciaries are people that will help you execute the will. They include the executor, people with the power of attorney and trustees. People with malicious interests will not have your interests at heart while performing their duties. For instance, an executor may misuse funds when settling debts and paying taxes. On the other hand, a trustee may fail to make annual payments to beneficiaries or charities.
As a rule, fiduciaries should be people that you trust. Alternatively, you could hire a financial institution or law firm to execute your will. The will should have more than one executor. It makes it easy for an executor to relinquish his or her duties. On the other hand, the trust should have an appointer who has the power to dismiss a trustee who does not act in the best interests of your beneficiaries.
The Legality of The Will
Your will may fail to pass probate if it does not meet the set legal requirements. In Australia, wills should have at least two witnesses. The witnesses do not have to read the will. However, they should see you signing the document. You must be of sound mind as you write and sign the will. Sign each page of the will to prevent people from amending the terms of the document.
It would be dangerous to have two wills. As such, you should destroy your old will if you wish to create a new document. Alternatively, you could attach a codicil to your current will. The document describes changes that you would want to make to the will. The will and codicil should not contain any contradictions.
Excluded Beneficiaries
People who are dependent on you may challenge the will if they are not included as beneficiaries. They may also argue that the will does not adequately provide for them. Avoid this by adding a no-contest clause in your will. Alternatively, you will could have a letter of explanation detailing the reasons why you left out some of your dependents from the will.
Leave your will in a safe place or with a trusted individual such as your spouse or attorney. You should have a backup to use in case the original will gets lost or destroyed.
Reach out to an attorney for more information about will disputes.
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