What would happen, IF…? Question Time about Estate Planning and Will Scenarios

Just like every individual’s asset situation is different, every family’s situation is equally different, especially when there are children, grandchildren and descendants of second marriages involved.

Sometimes a person wants to make sure the “black sheep of the family” don’t get their hands on their legacy. Without knowing how to properly set up your asset structure by undertaking a proper Estate Planning process, chances are you might get caught out.  Check out the following questions and scenarios to see, if your situation might fit one of these examples?

If this has made you think, and raised your own questions to which you want some straight answers, get started now and click here to contact the Team at Straight Money Talk for a FREE “Money Health Check”, or simply call us on 1300 416 590 to arrange some time with us.


About the Will

1. What are the requirements for a Will to be legal?

2. How many signed copies of my Will do I need?

3. Where should I keep my Will?

4. If I am in my 20s and don’t own much in the way of property or assets, should I draw up a Will anyhow?


Parents, children, grandchildren, and in-laws

1. Margaret left her estate to her four daughters, provided that they would then leave it to their children. Catherine, one of her daughters, died just before Margaret, who has not yet made a new Will. What does this mean if Margaret died now?

2. The settling of my parent’s will was extremely delayed and apparently due to the absence of an “attestation clause”.  What does that mean?

3. My father is old and cannot walk or use his arms and hands much anymore, so he needed to go into a high-care facility. Now he wants to make a new Will, but cannot sign it due to the mobility restrictions of his ill health. Can he do what he wants to leave his legacy?

4. Both Rita and Gary have children from previous marriages.  They want all they own to be divided equally amongst all five children after their death. What can they do to avoid any fight over the inheritance, and what would happen, if one of the parents survived the other and decided to change the Will again?

5. My Mother is old and fragile, and recently it was discovered that she has the onset of Alzheimer’s disease, but she still has periods where she is alert and in charge of her faculties. She wants to change her Will. How can this best be done?

6. Do my husband and I have to draw up separate Wills or can we just have one Will to cover both of us?

Cash, superannuation, shares and property

1. Glenda has stipulated in her Will that all of her real estate properties should be sold and the proceeds distributed to her three adult children.  The siblings agree that it makes no sense and think they should keep the property. What can they do?

2. How can I make sure that my wife will have immediate access to money in my bank account if I die unexpectedly.

3. Can my superannuation payout from my Super Fund be challenged  when I die, and what can I do to protect it from any challenges, so that my beneficiaries will receive the money?

4. Jim and Lisa married and Jim moved in with Lisa into her family home, which she inherited not long before they got married. The property is only in Lisa’s name. She wants to keep it that way because she does not want Jim’s family to inherit this house if she dies before him. What else can she do to guarantee that the family in-law won’t get it.

5. My sister died recently and left us her holiday house with a clause not to sell it. She was still paying it off when she died. I cannot afford to repay the holiday house mortgage and my own. The location and state of repair of the house makes it almost impossible to rent it out to help cover the mortgage. Can I refuse to accept this holiday house?

6. Nicole is scared that her husband might remarry after she dies and sell off the jointly owned share portfolio which was set up to eventually go to their children. Can she add any clauses to her Will to avoid this?

You can see that there can be a myriad of scenarios that need careful consideration to enable you to leave the legacy that YOU want, without it being challenged by someone in your family.  It’s better to set things straight before it’s too late. Call us on 1300 416 590 to arrange your FREE “Money Health Check” now.

Copyright © 2011 Robert Bauman

Disclaimer: This information (including taxation) is general in nature and is for Australian residents only. It does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement. To find out more about services provided by Straight Money Talk Pty Ltd please visit my website.