I wish I knew more about this before I took on the executorship.
If I only knew how to structure assets to achieve what Mum or Dad wanted everything would have been so much easier. For example, anything in joint names, property, bank accounts and/or investments are not subject to the terms of the will. A binding nomination relating to a Super fund is also not subject to the terms of the will unless directed to be so in the nomination. Had this been implemented before their death the majority of the assets would have gone where they wished and legal challenges would simply have been avoided.
I wish I had taken advice in advance to avoid/minimise impact of the legal challenges to the will.
If I only knew how to structure assets to achieve what Mum or Dad wanted everything would have been so much easier. For example, anything in joint names, property, bank accounts and/or investments are not subject to the terms of the will. A binding nomination relating to a Super fund is also not subject to the terms of the will unless directed to be so in the nomination. Had this been implemented before their death the majority of the assets would have gone where they wished and legal challenges would simply have been avoided or the effect would be minimal.
They didn’t do what Mum would have wanted.
An unsatisfactory structure of the assets left the will open to challenge and as a consequence the assets. An unsatisfactory structure of the assets left the will went to where not meant to go. The costs of these challenges are met by the Estate and can be significant.