Hypotheticals by Manny Wood Published in the Coffs Coast Advocate on 26 January 2019.
Mary has been in a de facto relationship for two years. She has three children to a previous relationship. Her main asset is the home in which they reside. Her eldest son does not get-on with her new partner and has been estranged from Mary for the last year.
Mary has been meaning to make a new will for many years and finally makes an appointment to see a solicitor.
The solicitor informs Mary that if she had died without making a will, given that her de facto relationship has been in existence for two years, her new partner would be entitled to the bulk of her estate and that her children would receive very little.
The solicitor also advises her that although there has been no contact with her eldest son for a year, this will not affect his ability to make a claim on her estate.
Mary wishes to make a will that strikes a balance between making provision for her new partner but also looks after her children, while minimising the risks of a claim on her estate.
With the solicitor’s guidance, Mary decides to make a will that grants her new partner the right to reside in her home for his lifetime, but upon his death, ensures that the proceeds from the sale of the home will pass to her children.
When the house is sold, Mary leaves her eldest son a smaller percentage of the proceeds.
Mary appoints her younger brother as her executor, who will ensure that her partner pays the rates and insurance relating to her home and maintains it in reasonable condition.
Mary is relieved that her affairs are now in order and that her family will be properly looked-after. The solicitor advises Mary to update her will in a few years.
If you would like Manny to address a particular legal issue, send your request to manny.wood@ticliblaxland.com.au or call him on (02) 6648 7487.
