Episode 6 Personal effects

Resolving Disputes Over Personal Effects • Tony Skinner asks about resolving disputes over personal effects like family photos. • Kate explains that courts generally don't decide who gets physical or digital photos; mediation is preferable. • Mediation allows parties to agree on such matters, avoiding court and associated costs. Importance of Mediation and Avoiding Litigation • Tony emphasizes the importance of avoiding litigation and seeking agreements. • Kate reiterates that mediation is compulsory before going to court. • Disputes over personal effects can be resolved through mediation, which courts won't decide. • Agreements in mediation can help grieving families focus on other matters. Including Personal Effects in the Will • Tony asks how personal effects are covered in a will and how to limit disputes. • Kate highlights the emotional impact of disputes over personal effects. • Consulting a specialist estate planning lawyer is crucial to document wishes properly. • Listing every item in a will is not always the best approach; trusting someone to distribute items fairly can raise issues. Defining Personal Effects in the Will • Kate discusses the definition of personal effects in New South Wales law. • The definition varies based on whether a will is left or not. • Personal effects can include intangible property unless used for business or specific items like gold bullion. • The definition should fit the individual's circumstances and wishes. Handling Unlisted Personal Effects • Tony asks about handling items not listed in the will, like a boat. • Kate explains that it depends on how the will is drafted. • A well-drafted will should cover various items to avoid frequent updates. • Specific updates may be needed if the will doesn't address certain items, like a boat. Considerations for Blended Families • Kate emphasizes considering blended family scenarios in estate planning. • Distributing personal effects to children might leave the widow with nothing. • Scenarios should be considered where assets might change between writing and executing the will. • An experienced estate planning lawyer can ask the right questions and document wishes properly.