Wills and estates were the focus for the latest Riverland dinner for the Women in Business Regional Network.
Loxton lawyer Chioma Amaechi of CA Legal & Migration outlined the reasons for a will, advance care directive and power of attorney, and was very generous in giving her knowledge to answer the many questions.
There was much discussion about who could potentially challenge a will, and many were surprised to learn that an ex-partner or spouse could be among those who tried to make a claim on an estate, even after divorce or a property settlement.
Ms Amaechi also explained that a will needed to be kept up to date and that a marriage could void a legal will. Blended family arrangements created added complications when wills were prepared and she encouraged spouses to work together on their wills to be sure their wishes were covered.
Although off-the-shelf do-it-yourself wills were available, Ms Amaechi said there was a risk they wouldn’t be valid if just one of the rules of will making wasn’t followed.
As this was a businesswomen’s event, she also reminded those present that company assets were not automatically personal assets in an estate and consideration needed to be given to succession planning with regard to assets owned by a business.
This was the first network gathering in the Riverland for 2021. The next dinner is scheduled for Monday, May 3. The topic and venue will be announced at a later date.