WHERE THERE’S A WILL THERE’S A WAY… Preserve the Facts

No matter what your will says, a lot depends on some surrounding facts. 

The person with the best knowledge of the facts will be you.  When the issues come up, you won’t be there to give evidence…

The first thing you need to do is to check ownership of all assets.  Just because an asset is in a person’s name does not mean they “own” it.  Suppose your daughter Mary contributed to the value of your land by erecting a second house on it.  Mary may be a part owner of the land “in equity”.  That needs to be sorted out while you are alive.

Have you checked whether the land you farm is itself a partnership asset?  If so, you may not be able to leave the land as you want, because it is a partnership asset. 

Have you given any assets or assistance to your children?  If you don’t preserve the facts about that, then when you die details may not be clear, and a challenge may arise to your will. 

There are ways to sort these things out.  One of the simplest is to at least to put relevant facts in a statutory declaration which sits with your will and can be used after your death.  In that way your knowledge and evidence doesn’t die with you. 

Get it done properly by a competent legal professional with experience in the area.