Prevention is better
13/06/2008
When motor racing legend Peter Brock died during a rally in September 2006, he left a secure inheritance to his group of fans and a financial muddle to his family.
Brock's girlfriend, his former partner of 28 years and their three children were left with competing claims to his estate, set out in three different wills.
Last October, the Victorian Supreme Court ruled that Brock's latest will, prepared by his personal assistant in 2006, was invalid because it wasn't signed. This will divided his estate between his girlfriend and his children.
Instead, the court ruled that the second will, prepared by Brock and his ex-partner with the help of a will kit in 2003, was valid. This will left everything to the children but failed to state how the assets would be distributed.
The court heard that Brock was a "big-picture man" with a casual attitude to financial and legal documents. As a consequence, the legal strife is likely to continue for some time, reducing the value of his estate and causing continuing distress for the people he loved.
No one likes to acknowledge their mortality or spend time and money with lawyers and financial planners, sorting out what will happen to their assets after they die.
But as the confusion over Brock's estate shows, doing nothing is more costly in the long run than taking simple preventive measures when you are fit and able.
