How to Protect Your Inheritance from Disputes

Inheriting assets or property from a loved one should be a smooth process, but it can often lead to disputes that cause stress and financial strain. If you are expecting to inherit or plan to pass on your estate, understanding how to protect your inheritance from disputes is crucial and requires help from our wills and probate disputes lawyers at Szabo & Associates Solicitors. We can provide valuable insights and actionable tips to safeguard your inheritance in Sydney and NSW.

Common Causes of Inheritance Disputes

Inheritance disputes arise when there is a disagreement among beneficiaries or other interested parties regarding the distribution of a deceased person’s estate. These disputes can stem from various issues, including:

Ambiguities in the will: An unclear will can lead to disagreements over its interpretation.

Challenges to the will’s validity: Disputes can arise from claims that your will is invalid due to lack of testamentary capacity, undue influence, or fraud.

Family provision claims: In NSW, specific individuals can challenge a will if they believe they have not been adequately provided for.

Unfair distribution: Perceptions of unfairness or favouritism in the distribution of assets can lead to conflicts among beneficiaries.

Steps to Protect Your Inheritance

There are several actions you should take to protect your inheritance. These steps include the following:

Ensure the will is valid: In NSW, a valid will must be in writing, signed by the testator, witnessed by two individuals who are not beneficiaries, made voluntarily without undue influence, and created when the testator has the mental capacity to understand the nature and effect of the document. It is essential to seek legal advice to ensure your will meets all legal requirements.

Seek legal advice: Professional legal advice is invaluable when drafting a will. Our solicitors specialising in estate planning and inheritance law in Sydney can help you draft a clear will, understand your rights, navigate the probate process, and address potential disputes before they escalate.

Understand family provision claims: The Succession Act 2006 allows certain individuals to make a family provision claim if they believe they have been inadequately provided for in a will. Eligible claimants include the deceased’s spouse or de facto partner, children, former spouses, dependents, or those in a close personal relationship.

Communicate openly with family members: Open communication is key to preventing disputes. If you are the testator, consider discussing your intentions with your beneficiaries and explaining the reasoning behind your decisions, as this can help manage expectations and reduce the likelihood of misunderstandings after your passing.

Keep your will updated: Life changes, such as marriage, divorce, the birth of children, or the acquisition of significant assets, should prompt a review of your will. An outdated will can lead to disputes, particularly if it no longer reflects your current wishes or circumstances.

Plan for digital assets: Ensure that your will includes instructions for the management and distribution of your digital assets, such as online bank accounts, social media profiles, and digital currencies. This can prevent disputes among beneficiaries and ensure your digital legacy is handled according to your wishes.

We Can Help Protect Your Inheritance from Disputes

Protecting your inheritance from disputes requires careful planning and proactive measures. Inheriting or passing on wealth is a significant event, and taking the right steps can make all the difference in preserving your legacy and family harmony. Contact Szabo & Associates today to consult with a solicitor specialising in estate planning and inheritance law in Sydney, NSW, who can help you protect your inheritance.