The costs of defending a deceased estate from challenge by an aggrieved family member can be very high and yet so often easy to predict during the lifetime of the estate planner.
The strategies for preempting an estate challenge in Australia can be divided into 2, ie the more limited options for assets subject to New South Wales succession law and the greater range of choices available for assets subject to the succession laws in other states and territories.
In all Australian jurisdictions, care must be taken to ensure that any transfer of wealth out of reach of challenge is effective, eg any gifts must actually occur, rather than being mere journal entries. Dispute prevention options often include gift and loan back strategies, designed to reduce the net equity of assets otherwise forming part of a personal estate. Such strategies are often a much less expensive option than transfers of assets that might trigger a capital gains tax or land transfer duty liability.
Committed to providing an effective and tailored strategy for the individual.