A PROVISION FOR GIFTS AND LOANS WITHIN A WILL
Where there’s a Will there’s a chance for wasteful litigation, the death of loved ones is a challenging time that can be made considerably more stressful when disputes arise over inheritance. More often than not, disputes arise as a result of different interpretations of the deceased’s wishes.
Typically, a scenario may arise where a parent has financially assisted one sibling over another for example, an interest free loan to help in the purchase of a first home or to start up a business. The problem occurs when the parent passes away without making a provision in their Will, without documenting the financial assistance already provided to certain beneficiaries. A Will commonly includes numerous provisions, the provision to pay debts, dictate funeral arrangements, special instructions etc. The inclusion of a provision for a loan or gift can save a fortune in litigation costs should the beneficiaries dispute the interpretation of both life events and what is written by the letter of the law. A simple precautionary step that could preserve not just family wealth but family relationships too.