Published 04 Aug 2016
Although the Blues came away from this year's State of Origin series empty-handed, in the world of contesting a will, NSW emerges victorious over Queensland every time. The main factor working in favour of the great state of NSW is that it is presently the only state where notional estate provisions exist.
So what exactly is notional estate?
Essentially the principal behind notional estate is where a deceased person's personal estate is increased to more than the assets held independently in their name at the time of death.
To put it in context, here is a scenario without notional estate provisions in place. When a couple owns property as joint tenants or have joint bank accounts, the surviving partner inherits the assets they owned together without reference to the will. As well as this, when death benefits are tied together with a partner for a superannuation or life assurance policy it cannot be challenged.
What makes it so beneficial?
A notional estate pertains particularly to family provision claims. If a claimant is eligible under the Succession Act 2006 and feel they have not been provided for adequately, their claim takes into account both the deceased's actual estate andtheir notional estate as well. This is dependent on whether or not the actual estate has the ability to provide sufficiently for the claimant.
Due to the notional estate provisions being in place in NSW, it is permissible for the courts to designate property no longer held by the deceased to be their notional estate in order to sufficiently cover a claim.
You feel like you may have a case to make a claim, what's your next step?
When it comes to planning an estate or contesting a will, seeking sound legal advice is more pertinent than ever. Gerard Malouf and Partners' specialist wills and estates lawyers offers expert legal advice in NSW and throughout Australia.
We understand that will disputes come at a very sensitive time in a person's life and we work compassionately with you to help with your dispute. Our No Win No Fee policy is available for will disputes and means no matter your financial situation you can rest assured that you are being supported by the best. Get in touch with our team today to arrange an appointment. Your first consultation is free so don't delay in contacting your nearest office.