It can be an all-too-common story: after the parent, the surviving children often contest the will in court. Disputes about wills and estates can consume a good portion of your legacy via costly legal bills that add no value whatsoever to the legacy.
It can be said that if you don’t take the time to plan your estate you may setting up a conflict that will achieve the exact opposite of what you intended with your will.
Why don’t more people take the time to approach estate planning the right way? There are actually a couple of common psychological reasons:
- There is the common perception that creating a will is time-consuming and tedious
- Many people feel they are too young to need a will
- Others believe they don’t have enough assets yet for it to make sense
The thing is, creating a will is actually a lot like purchasing an insurance policy – when you’re create a will, you’re really helping to mitigate an potential future accident (that could cost significant money) in the form of family disputes and tax issues.
Think it won’t happen? As many will tell you, it’s a sad fact of life that family dynamics can often change after the death of a loved one. Added to the mix is that these days there are so many more “blended” families thanks to the tendency for the Baby Boomer generation to remarry.
When people are living ‘common law’ and have children from a previous marriage who are suspicious of the common law spouse there is a risk they may be disinherited. If the couple transfers the residue of their estate to the surviving spouse and one spouse dies the surviving spouse can change their will to transfer the assets from the deceased estate to their own children. Being disinherited in this scenario not only is financially problematic but often drains the psyche of the disinherited children.
Ideally, when planning an estate, it’s a good idea to find a lawyer who takes the time to understand family dynamics, anticipate potential issues, and help you plan – and communicate – effectively.
Our lawyers in Victoria BC specialize in mediation, negotiation and facilitation particularly in relation to wills and estates, commercial matters and strata disputes.