In the complex realm of estate law, a recent study has revealed a significant statistic: an impressive 74% of estate claims prove to be successful. This stat not only encourages individuals to consider an estate claim but also prompts a deep dive into the reasons behind such a high success rate.
The Role of Estate Law
To better appreciate this statistic, it’s essential to understand the crucial role of estate law. Estate law deals with the distribution of an individual’s property after their death and includes topics like wills, trusts, probate, and estate administration1.
Most of these cases involve individuals who believe they were unfairly excluded from a will or trust or who contend that the document doesn’t accurately reflect the decedent’s wishes due to undue influence or incapacity.
Reasons for the High Success Rate Legal Expertise
One contributing factor to the high success rate of estate claims is the expertise provided by estate lawyers2. Their thorough understanding of the laws and procedures allows for comprehensive planning, proper evidence gathering, and effective argument in court. This, in turn, significantly raises the chances of a successful claim.
Another factor is the strict evaluation process courts use to review evidence in estate claims3. Only well-documented and substantiated claims tend to pass this rigorous review, thereby leading to a higher percentage of successful outcomes.
Mediation and Settlement
Lastly, the vast majority of estate disputes are settled through mediation and negotiation4. This allows both parties to reach an agreement that satisfies their needs and concerns, leading to what can be considered a ‘successful’ claim.
The Implication of the Statistic
This 74% success rate doesn’t imply that all estate claims are easy wins. The process can be emotionally taxing, time-consuming, and costly. But, the data does suggest that if an individual believes they have a valid claim, it’s worth seeking legal advice.
Moreover, this statistic also emphasises the importance of comprehensive estate planning. A well-structured estate plan can minimize the risk of disputes and ensure the decedent’s wishes are correctly followed5.
The world of estate law may be intricate, but it is not impenetrable. With the right legal guidance and understanding, making a successful estate claim can be achievable. The 74% success rate should encourage those who feel they have a rightful claim to explore their legal options. Furthermore, it emphasises the necessity of proper estate planning to reduce disputes and ensure one’s wishes are upheld.
However, this high success rate should not be a motivation to create unnecessary disputes but should act as a reassurance to those with valid concerns. Estate law is ultimately about fairness and upholding the wishes of those no longer able to express them. If you are unsure about how your current estate plan with play out with your family situation or haven’t updated it in a while reach out to me or one of the IM Team to have it reviewed urgently.
This article was written by Director & Senior Adviser Shane Mitchell. To book a session to review your estate plan or any other financial planning issue contact Shane directly on 08 6222 7909 or book a meeting directly via his booking page.
*Remember, this article provides general information and should not be considered personalised financial advice. If you have specific questions or concerns, it is always recommended to seek guidance from a professional financial advisor or accountant.