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AS Mildwaters Byrth Lawyers & Conveyancers marks 10 years of providing legal services to Yorke Peninsula and the Mid North, principal Kylie Mildwaters says there are two critical issues that continue to affect local families: homemade wills and inadequate succession planning.
“Over the past decade, we’ve seen a significant increase in estates complicated by DIY wills,” Mrs Mildwaters says.
“Rising costs of living seem to be driving people to prepare their own wills, but what they save initially often costs their families substantially more later, both financially and emotionally.”
Mrs Mildwaters says one case that demonstrated the risks was a man who prepared his own will shortly before death, intending to leave everything to his partner.
However, the will failed to properly direct the proceeds of his house sale to her, leaving estranged children entitled to a share.
The estate then also faced additional claims and significantly higher administration costs.
The second major issue Mrs Mildwaters has identified is poor succession planning, particularly affecting farming families.
She says there have been cases where farming children who have worked for decades on family properties face uncertainty about their future, creating family strain and sometimes devastating court battles.
However, Mrs Mildwaters has also witnessed positive outcomes from properly managed situations.
One recent case involved three generations working through succession planning for a family farm.
By the end of the process, roles were clarified, financial security was established for the younger generation, and family relationships had strengthened considerably.
“These conversations aren’t easy, but they are essential,” Mrs Mildwaters says.
“Whether it’s discussing life insurance for farming families or beginning to transfer ownership in recognition of contributions made, proper planning prevents conflict and protects everyone’s interests.”
Mrs Mildwaters reiterates that professional legal advice, while requiring upfront investment, typically costs a fraction of what families might spend resolving problems created by DIY approaches.
Mildwaters Byrth Lawyers & Conveyancers, established in October 2015 as Mildwaters Lawyers, provides a full range of legal services across the Yorke and Mid North.
Call the Kadina office on 8821 2199, the Minlaton office on 0448 725 447, or visit mildwatersbyrth.com.au.