What to know before Contesting a Will?

 

                    What are the common reasons why people contest a will? How much does contesting a will usually costs?

                When a person died, his or her tangible and intangible assets are still present on earth. So, what happened to these assets? Relatives are the most favorable to inherit these said assets. When the deceased is unable to create a last will and testament, the relatives used to divide these assets themselves. This may cause ruckus within the family, some might say they must inherit more than the other, and the other relatives may say likewise. This is the most common reason why there are contests on wills.

                As per Org Law, contesting a will is eligible for the following; spouse, which includes: legally married couples, de facto couples, same sex couples, registered partnership, former spouse (in limitation); children, which include: biological child, stepchild, adopted child; a dependent, which includes: parent of the deceased, grandchild of the deceased, a person under 18, a parent of a surviving child under the age of 18 (This is based on the Succession Act 1981 (Qld)).

                Contesting a will is not free, of course. It may cost a $30,000, if it is a quick settlement only, and may reach up to $50,000 and more when a court hearing before a judge is needed. It is not easy to generate such amount, but there are some who really insist on fighting for their will. May be because of the asset that they may inherit (an estate, profit generating business, etc.).

                Since we all now know the importance of a will. We should plan for our future and be always prepared for what may happen next. Plan every asset you have with an attorney as early as possible.