Have you helped one child more than another, perhaps with a home deposit, education costs or a business? If so, your Will may no longer deliver the outcome you intend.
The “Bank of Mum and Dad” now plays a major role in helping adult children enter the property market and manage other significant costs. While that support is usually given with the best intentions, it can raise difficult questions when preparing or reviewing a Will.
Fair does not always mean equal
Consider a family with two adult children. One receives $100,000 towards a home deposit, while the other receives no comparable assistance. If the parents’ Wills divides their estate equally between the two children, will that achieve a fair outcome where one child has already received significant financial assistance during the parents’ lifetimes? There is no single right answer, but the Will should clearly record the outcome they intend.
Document the support and review your estate plan
Record whether significant financial support is a gift, repayable loan or advance on inheritance, and whether it should be repaid, forgiven or taken into account when your estate is divided. Review your Will alongside any loan agreement, powers of attorney, superannuation nominations, jointly owned assets and trust arrangements, as not all assets pass through a Will. The right approach will depend on your circumstances, assets and family relationships.
Open communication can be just as important as careful drafting. Explaining your intentions during your lifetime may help prevent misunderstandings, manage expectations and preserve family relationships.
Review your Will and support a local cause
If your family circumstances or financial support arrangements have changed, now is a good time to review your Will. Make or update an eligible Will with Beck Legal through our Matter for a Cause campaign before 30 November 2026, and Beck Legal is donating $250 for each eligible person’s Will to support the Bendigo Health Palliative Care Unit redevelopment.
Make or review your Will. Make a difference to the future of Palliative Care
Book online at www.becklegal.com.au/matterforacause or call 03 5445 3333 to make an appointment.
This article provides general information only and is not a substitute for legal advice tailored to your circumstances.
