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Lawyers warn of the growing risks to retirees caused by loans to their children and disputes with family members about who gets what from a will.
A fight over renowned painter Mimi Milka Berger’s $24 million estate highlights the importance of having an estate plan that accurately reflects the deceased’s final wishes.
Dispute over ownership of shares worth more than $500,000 that entitle use of water from the Murray River reinforces why testators need to make their final wishes crystal clear.
Six children have successfully argued that they were entitled to half of their father’s retirement savings. Lawyers say the case highlights the importance of regularly updating a will, especially if personal and financial circumstances change.
The failure to document how an estate should be legally divided up almost inevitably leads to costly legal battles where lawyers are the only sure winners. Yet about 60 per cent of eligible Australians don’t have a will.
This ruling, when coupled with the growing incidence of blended families, COVID-19 promises and the Baby Boomer wealth transfer, will accelerate the growth of legal challenges over inheritances.
