Can I exclude someone from my Will?
In the realm of estate planning, one of the challenging questions that often arises during client meetings is, "How can I exclude someone from my will?" This seemingly straightforward question carries layers of complexity, hinging on individual circumstances and the nature of the relationship. In this article, we'll explore the intricacies of excluding individuals from your will and shed light on family provision applications under Queensland's Succession Act 1981.
Understanding Family Provision Applications
Queensland's Succession Act allows individuals to make a family provision application when they believe they haven't been adequately provided for in a will. The primary claimants eligible to make such applications are spouses and children. It's noteworthy that the term "children" includes stepchildren, extending the scope to those whose parent has passed away.
The Challenge of Exclusion
Excluding individuals from your will, especially children who are eligible under the law, poses a considerable challenge. Legal precedents suggest that eligible children are typically entitled to some provision. This complexity underscores the importance of exploring alternative strategies to achieve your desired outcomes while maintaining control over your estate's narrative.
Testamentary Trusts: A Strategic Approach
One effective way to exert control over your assets posthumously is through the incorporation of testamentary trusts in your will. Testamentary trusts offer a flexible and powerful tool for managing and distributing assets. They can be instrumental in providing for specific needs while mitigating the risk of family provision claims.
The 'Ping Off Payment': A Tactical Maneuver
Another strategic approach is what we affectionately refer to as a 'ping off payment.' This is a calculated provision in the will that, while not substantial, may dissuade potential claimants from pursuing a family provision application. This nuanced maneuver involves providing something that may not warrant the effort and cost of contesting the will.
Get Personalised Guidance
If you find yourself grappling with the complexities of excluding individuals from your will or wish to explore alternative strategies like testamentary trusts, we're here to help. Give us a call at 0414 193 373 or visit our website at www.viccalaw.com.au to schedule a consultation tailored to your unique needs.
In conclusion, estate planning requires a delicate balance between expressing your wishes and navigating legal complexities. Understanding the avenues available, such as testamentary trusts and strategic provisions, can empower you to shape your legacy effectively.