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Safewill principal solicitor Isabelle Marcarian (left) says it’s becoming more common for Aussies to skip their kids and leave inheritances to grandkids. (Source: Supplied\/AAP) <\/p>\n Safewill principal solicitor Isabelle Marcarian (left) says it’s becoming more common for Aussies to skip their kids and leave inheritances to grandkids. (Source: Supplied\/AAP) <\/p>\n
A $600,000 inheritance has \u201cdropped a bomb\u201d on one Sydney family after it was revealed the windfall was left to just one sibling. Australia is about to enter the biggest intergenerational wealth transfer in history<\/a>, with $5.4 trillion to be passed down<\/a> over the next two decades \u2013 and fights over wills are becoming increasingly common<\/a>.<\/p>\n Cronulla mum-of-one Sarah, 38, said she was in \u201ctotal shock\u201d after discovering she was the sole executor and beneficiary of her grandma\u2019s estate<\/a>. Sarah\u2019s grandma passed away in December, leaving behind more than $600,000 in her will once her mortgage is paid off.<\/p>\n \u201cI had zero idea. We had never had conversations around the topic, and I had assumed it would go to my mum, so I was surprised for sure,\u201d Sarah, who didn\u2019t wish to share her surname, told Yahoo Finance.<\/p>\n \u201cIt\u2019s absolutely life changing, and will set my family up in a way we never could have afforded, like finally buying a house we\u2019ve been saving almost a decade for, and once we buy it, we can pay off most of the mortgage immediately. I still get chills thinking about it.\u201d<\/p>\n RELATED<\/p>\n But the windfall has sparked a \u201chuge and awful\u201d dispute between Sarah and her two siblings, who were both left out of the will<\/a>.<\/p>\n Sarah said the siblings had drifted apart over the last decade and described them as \u201cvery different people leading different lives\u201d who only really saw each other at Christmas.<\/p>\n \u201cThis has totally dropped a bomb on the relationship, and I have actually had to block their numbers to stop getting irate phone calls threatening legal action to contest the will, even though it was witnessed, signed by officials, and all the official and legal steps had been taken properly,\u201d Sarah said.<\/p>\n The mum admitted the situation has also been \u201cdifficult\u201d for her and her siblings’ parents. They had assumed the money would go to the grandkids<\/a>, not to them, but they still feel stuck in the middle of everything happening with their children.<\/p>\n Do you have a story to share? Contact tamika.seeto@yahooinc.com<\/a><\/p>\n While Sarah initially thought about splitting the inheritance<\/a> with her siblings, she said she ultimately decided she wanted to respect her grandma\u2019s final wishes.<\/p>\n \u201cIt\u2019s been extremely emotionally exhausting, but I am trying to find peace with knowing that leaving me this money was her specific wish,” she said.<\/p>\n Story continues <\/p>\n \u201cShe knew that I needed financial help to afford to give my family the life they deserve. Both my siblings are well and truly set up. So this is her way of giving me a leg up, and I\u2019ll forever be grateful to her for that.\u201d<\/p>\n Safewill principal solicitor Isabelle Marcarian said while she did see wills structured around a sole beneficiary, in most cases, clients still preferred to distribute their estate across multiple beneficiaries.<\/p>\n \u201cWhat is becoming more common, however, is clients choosing to direct assets to grandchildren,\u201d she told Yahoo Finance.<\/p>\n \u201cThis is often driven by a desire to have a more meaningful impact further down the family line – particularly where they feel they have already supported their children financially during their lifetime.\u201d<\/p>\n Safewill\u2019s research found Aussies were questioning the traditional assumption<\/a> that kids automatically inherit everything.<\/p>\n Out of more than 1,000 people surveyed, it found 51 per cent believed inheritance should go to charity<\/a> or be passed down the family line if their adult kids were already financially secure or debt-free.<\/p>\n About 10 per cent cited concerns that the money would be wasted by younger generations<\/a> and would be better used by charity, while 13 per cent thought kids should build their own wealth.<\/p>\n Another 6 per cent pointed to strained family relationships and 7 per cent to frustration over entitlement.<\/p>\n Overall, the number of people contesting wills is on the rise<\/a>.<\/p>\n In NSW, there was a 60 per cent increase in contentious probate filings between 2020 and 2024, from 291 to 464. Contested estate court cases in Queensland increased three times in the same period.<\/p>\n Marcarian said she was seeing a slight increase in disputes<\/a> with individuals contesting the outcome or provision.<\/p>\n \u201cA key driver appears to be economic. With rising cost of living pressures<\/a> and significant increases in asset values – particularly property – there is more incentive for individuals to pursue a claim, as the potential upside is higher,\u201d she said.<\/p>\n \u201cThat said, recent decisions in the courts reinforce that these claims are far from guaranteed to succeed. It is not a given that a challenge will be upheld – applicants still need to clearly demonstrate need and justify why further provision should be made.\u201d<\/p>\n Marcarian said it was important for individuals to ensure their will was properly executed, meaning it needs to be printed and signed in the presence of two appropriate witnesses.<\/p>\n For older individuals or those with a history of capacity issues or an existing diagnosis, Marcarian said it can be worth considering a medical capacity assessment at the time of signing the will.<\/p>\n \u201cFinally, where someone is being excluded from a will, it is advisable to seek legal guidance,\u201d she said.<\/p>\n \u201cIn many cases, preparing a statutory declaration that clearly outlines the reasoning behind those decisions can be helpful in reducing the risk of future disputes.\u201d<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n Disputes over wills have also increased, as estates get bigger. (Source: Getty) <\/p>\n