Lawyers warn estate disputes are rising as the value of self-managed super funds tops $820 billion.
Self-managed super fund trustees are increasingly becoming targets of legal claims from estranged children who claim they have been unfairly excluded from an inheritance, say lawyers.
Though the NSW Supreme Court case was decided on legal issues unique to that jurisdiction, it could apply to SMSFs in other states and territories, particularly if any of the fund’s assets are based in NSW, lawyers say. Burgess says estate disputes involving large inheritances are “spawning an entire industry” of “no win, no fee” lawyers who prominently advertise their services, particularly online and on roadside billboards.in the past decade as the number of “blended families” rose sharply.
“The legal landscape continues to change, which means experienced financial advisers and lawyers must continue to be involved in monitoring assets and trust arrangements,” he said. Andrew, the son, was awarded $900,000 to pay off his mortgage and renovations. Daughter Catherine was awarded $900,000 for renovations and “to save an amount for contingencies”. Another daughter, Anna, received about $1.9 million to purchase a two-bedroom apartment close to her son’s school and “save an amount for contingencies”.
“Bigger estates are vulnerable to claims, even if the claimants are well-off,” Hacker says of disputes that can arise between a surviving spouse and children, between children, or grandparents against some combination of surviving spouse and children.
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