Don’t let a stranger control your loved ones estate. Sounds unbelievable?
Don’t be surprised. There are many life scenarios which can happen to anyone. One of the example was published in the article by AFR (Peter Townsend):
In their wills Jack and Jill left their respective estates to each other. They agreed that the survivor would look after the children. Jill died from breast cancer at 68. Jack was heartbroken and alone for the first time in decades. Then he met Mary and started new relationship.
As time passed Jack became more reliant on Mary and thankful for her care. One day, after Mary confirmed to him that she’d look after his children, Jack agreed to give everything in his estate to Mary.
When Jack passed, Mary was his sole beneficiary. In her view, Jack’s children, who’d never been very close to her, were doing fine and didn’t really need any of Jack’s estate. Mary went about managing Jack’s estate for her and her son’s benefit alone.
The money and assets that Mary inherited from Jack included all the wealth that Jill had worked so hard for, believing her kids would ultimately benefit. Jill’s estate had passed to a complete stranger.
There are so many ways Jill could prevent this situation through joint executors etc. Similar safeguards should be taken in respect of the control of any family trust or SMSF after Jill’s death.
Having a property valuation when dealing with a deceased estate is beneficial for the will executor and further parties involved. This can be an overwhelming time for the client who could potentially be dealing with family disputes.
An independent property valuation can assist in reaching a settlement which could have potentially escalated to family law court.
A valuation can also calculate capital gains tax if this is needed and calculate the amount of stamp duty owed using a stamp duty valuation.
For professional advice and peace of mind when dealing with deceased estate valuations, contact Australian Property Valuations. We provide valuations of a deceased estate for any assets, no matter how complex.
(Source: AFR; Peter Townsend; 15 May 2023)
