By Greg Smart
A will is important because it tells those who survive you how you wish to have your assets dealt with. For this reason, a will should be clear, well drafted and legally binding.
The Peter Brock story is a good example of what can happen when it all goes wrong.
Most of us know Brock for his motor racing, leading ultimately to his tragic death. Unfortunately, Brock’s death left quite a wreck – a wreck that was ultimately sorted out by the Supreme Court of Victoria.
The problem came about because Brock had three wills during the course of his life. This is not unusual.
Most of us will have a number of wills to reflect our changing intentions as our circumstances change. Brock’s wills were unusual because of their form and their content.
Brock’s first will was prepared by a solicitor and duly executed in 1984.This will left everything to Mrs Brock (his de facto partner who changed her name by deed poll) and Brock’s three children.
Brock’s second will, made in 2003, was a blank but signed “legal will kit”. The will was handed to Mrs Brock with instructions that she ought to complete it when Brock died.
Brock’s third will was made in 2006 after splitting with Mrs Brock and taking up with Julie Bamford, who was engaged to Brock at the time of his death. Brock’s third will was again prepared without solicitors and on a “legal will kit” leaving the large majority of his estate to Ms Bamford. This will was never signed.
The Supreme Court found that the 2006 will was invalid, because it had not been executed. The Court went
on to find that the 2003 will was valid because, although it was blank, it had been signed. The Court decided that because the 2003 will was valid, it cancelled the 1984 will. The net result was that, in effect, Brock was held to be intestate and his assets were divvied up as though he had no will at all.
The moral of the story is that an effective and well drafted will is an essential document to ensure your estate is dealt with when you pass away. If you leave things to chance, or have a document that isn’t up to scratch, there could be unfortunate consequences.
If you don’t have a will, or wish to change or review your current will, any of our experienced solicitors will be able to help you produce a will that will look after your loved ones long after you pass away.
