VIC Contesting a Will - What Does 'Adequately Provided For' Mean?

[Joel]

Hi All,

As per the title really - I am trying to find the definition of what constitutes 'adequately provided for'? Also, to what detail should the inventory of assets go? E.g. bank accounts, shares and property are obvious but must it also include vehicles, joint bank accounts and at least a summary of personal property?

Further to this, if an executor of will decides on contesting a will for their own personal benefit, should they step aside and if so, at what point?

All informed opinions gratefully received.

 

[Joel]

Anybody?

 

[Rod]

Wait and hope someone with the right knowledge can help sometime over the next 3-5 days. It is a weekend.

 

[winston wolf]

Hi Joel

I will leave the question about the executors position if contesting the will to others.

What is "adequately provided for" is a very hard thing to pin down. It is regularly said in judgments that adequate is not just to provide for the bare necessities of life, but must take into consideration a persons needs, future needs, and the ability of the estate to provide.

The inventory of assets would include every thing you mentioned and superannuation and trusts and all the same for your partner. If you are doing an affidavit you solicitor should advise on all this. There also may be several drafts prior to submission.

 

[CathL]

Lots of questions! Are you the executor? What is your relationship to the deceased? - the executor will need to get their own legal representation asap if they intend to make a family provision claim. If the executor acts for their personal benefit and not in the interests of the estate, they're in breach of their legal executor duties.

Read Part IV of the Administration and Probate Act 1958 (VIC) which is the legislation that covers family provision claims in Victoria. See ADMINISTRATION AND PROBATE ACT 1958

The inventory includes estate assets as at the date of death and needs to describe the asset in enough detail so that it can be identified by asset holders (such as the bank account number and name of bank for bank accounts held by the deceased). Joint assets aren't estate assets and shouldn't be included. For more information, see: Probate - LawAnswers.com.au