contact us

Many Post-Baby Boomers uneasy about potential Challenge to their Will!

Public Trustees AustraliaNew research by State Trustees shows that 26 per cent of Victorians under the age of 50 either fear someone will challenge their Will, or say they are unsure if this will happen.

"Nearly one in ten Victorians under 50 who has a Will thinks this WILL actually happen after they die," State Trustees Managing Director, Tony Fitzgerald said.

He said that between October 2011 and January 2012, State Trustees commissioned market research of over 400 Victorians below 50 years of age on the subject of Wills.

Of the nine per cent who said they believed someone would challenge the wishes laid out in their Will, Mr Fitzgerald said the vast majority thought it would be a family member.

"Almost a quarter (23%) expected it would be a child or children who would be most likely to challenge."

"This was followed by siblings (15%), then a partner or ex-partner (12%). Parents and other relatives came in at ten per cent," he said.

Tony Fitzgerald said that while 75 per cent of the respondents said they did not expect anyone to challenge their Will, it was still a matter of concern that the remaining quarter of the post-Baby Boomer generations feel this is a possibility.

"Unfortunately you can never completely eliminate the possibility that someone may challenge your Will after you die. But you can minimise the probability," he said.

Mr Fitzgerald said that one good way to do this is to seek professional legal advice from someone who is an expert in estate planning, when drawing up or updating your Will.

State Trustees is Victoria's public trustee company with more than 70 years' experience in writing Wills and administering deceased estates.

State Trustees' Will writing experts are aware of the complex legal and taxation issues that are involved in estate planning.

Mr Fitzgerald said this may also include advice on setting up Trusts.

In separate research in November last year, State Trustees found that Will ownership is highest in Victoria amongst people separated with children.

"Next come couples who are married or defacto with children," Mr Fitzgerald said.

The study sought answers from 800 Victorians over 18 years of age.

"From the results it appears that people are more likely to have made a Will if they come from a family that has broken up in some way. This could be separated or divorced or widowed. Re-marrying or entering a defacto relationship can also be a factor in driving greater Will ownership," Mr Fitzgerald said.

He said the changing makeup of families appears to be behind this more cautious approach.

The social trend of increasing complexity of households is revealed in national statistics.

For example, Australian Bureau of Statistics' figures show that 14 per cent of families in Australia in 2009-10 were single parent families.

"The whole process of updating Wills is being made that much more complicated because more and more people are re-partnering these days, and there's an increasing number of blended families," Mr Fitzgerald said.

But he said it is important to try to keep your Will current, to reflect any changes in circumstances such as births, marriages, separations and deaths.

"And I guess many of us know that when it comes to dividing up assets and belongings, it can unfortunately sometimes bring out the worst in some people."

Mr Fitzgerald said astute and careful planning with professional and impartial advice is the best known way to reduce the likelihood of having your Will challenged after your death.

Date: 23 August 2012

Featured News & Events

State Trustees  proud Premier Sponsor of 2012 Victorian Seniors Festival

State Trustees proud Premier Sponsor...

State Trustees' Managing Director, Tony Fitzgerald, said the State-owned... [more...]

Queensland to see largest transfer of generational wealth by 2026

Queensland to see largest transfer of...

Peter Carne, The Public Trustee of Queensland said that Queenslanders were... [more...]

Many Post-Baby Boomers uneasy about potential Challenge to their Will!

Many Post-Baby Boomers uneasy about...

New research by State Trustees shows that 26 per cent of Victorians under the... [more...]