There are many reasons why you may want to exclude someone from inheriting from me after I have died.
Possible reasons may include:
– remarriage;
– competing interests – you don’t have enough assets to take care of everyone and wish to choose only a few beneficiaries;
– estrangement – you don’t want to leave anything to family members who you have not been in contact with for years;
– punishment – the person has done something you do not agree with;
– bankruptcy concerns – the person or their business are at risk of becoming bankrupt;
– family law concerns – you are worried that your intended beneficiary may have to give up their benefit as a result of a possible divorce or custody dispute;
– Mental health concerns – the person is unstable or suffers from a mental disability;
– Money management – the person is not responsible with their money;
– making a bequest to a charity; or
– Lifetime provision – you want to leave a benefit to younger children instead of older children you have already provided for.
Although your Will specifies who will receive your assets upon your death, the law in NSW allows the Court to vary a person’s Will in certain circumstances. To avoid a dispute over your assets, you need to carefully consider your options and the associated consequences.
The lawyers at Matthews Folbigg can provide you with comprehensive legal advice on how to draft or update your Will, create trusts and deal with superannuation for the benefit of your chosen beneficiaries. Contact a lawyer in our estate planning team today.
Matthews Folbigg Lawyers Parramatta
Phillip Brophy – phillipb@matthewsfolbigg.com.au or 9635 7966
