Ten Years of Lessons: What We’ve Learned About Protecting Your Legacy

When we opened our doors in October 2015, as Mildwaters Lawyers, we knew we wanted to provide expert legal services with a genuine understanding of regional life. A decade later, we’ve transformed into Mildwaters Byrth Lawyers & Conveyancers and we’ve guided hundreds of local families through some of their most important decisions.

Looking back, two issues stand out more than any other: the devastating consequences of homemade wills and the transformative power of proper succession planning.

The Hidden Dangers of DIY Wills

Over the past ten years, we’ve seen a worrying increase in estates complicated by homemade wills. We understand the appeal: trying to save money during tough times makes sense. But the reality we’ve witnessed tells a different story.

Just recently, a client showed us her late father’s will, asking if it was “legal”. Her father had done everything right, except for one critical omission: he’d forgotten the residuary estate clause. This is the part that deals with everything left after debts are paid and specific gifts distributed. In his case, the estate was small, so the oversight didn’t cause major problems. But if he’d owned significant assets, it would have been an absolute disaster.

We’re currently working with a widow whose partner prepared their own will days before their death. The deceased wanted to leave everything to their partner and nothing to the estranged children. That’s not what the will said. The consequence is that the estranged children are entitled to a share, and they’re making additional claims against the estate. The deceased’s attempt to save legal fees has left the surviving partner in a devastating position, facing both emotional trauma and significantly higher legal costs.

Another case involves an individual who died without a will, leaving children with several different partners. Some of the children did not have the deceased named on their birth certificates, requiring an expensive court application just to prove they’re the deceased’s children. The surviving partner, who’s raising the only child of the deceased that is still a minor, may miss out entirely because there’s uncertainty about whether their relationship meets the legal definition of a partnership. The whole situation is taking years to resolve and costing about four times what a properly prepared will would have cost to administer.

When Succession Planning Changes Everything

The past decade has also shown us the profound impact of proper succession planning, particularly for farming families. We’ve seen the devastating effects of court battles between various generations who’ve devoted decades to the family farm, and we’ve also witnessed the beautiful transformations that happen when families tackle succession planning properly.

It’s a story we hear often: a farming couple in their 30s, 40s or 50s comes to see us about their wills and tells us they own nothing. The husband has worked on the family farm for decades, accepting below-market wages based on a promise that he’d inherit the farm one day. Meanwhile, his wife manages the household and children largely on her own, often working part-time as well. They watch as off-farm siblings receive financial help from mum and dad because “one day you’ll get the farm”, but right now, the farming son and his family have no financial security whatsoever.  They worry about what might happen to the wife if the farming son dies.  They believe that mum and dad would do the right thing, but they still worry about the possibility that they might not if mum and dad become unwell or are pressured by outside influences.

When we hear these stories, we reach out to the older generation to discuss possibilities. These conversations aren’t easy at first. They might involve the farm paying for substantial life insurance to protect the farming son’s wife and children, or beginning to transfer some ownership or control to recognise the younger generation’s contributions.

Relationships Can Strengthen Through Estate Discussions Done Well

Earlier this year, we guided one family through this process. At the start, relationships were strained. By the end, everyone was genuinely pleased with the outcome, and the family had become much closer. The grandparents now see their grandchildren far more often. It was wonderful to witness that transformation.

Another family we assisted involved a grandmother who still controlled the farming operations after her husband’s passing. Her son was middle aged and he and his wife had worked on the farm for decades years without financial certainty. They also had three adult children to consider. The discussions weren’t easy, but they generated a wonderful result. All three of them now understand their roles, the succession plan going forward is clear, and the younger generation finally has financial security. Most importantly, their relationships have strengthened through working together on these difficult issues.

As we look forward to another 10 years of service, we hope we can be the trusted guides, advisors, and advocates to ensure you and your loved ones thrive.

Pictured, left, Joel Byrth, right, Kylie Mildwaters