Husband and wife – who each have children from prior relationships.
What is a Contractual Will Agreement ?
Mike leaves everything in his Will to his second wife, Carol.
She also has children. When Mike dies, Carol gets everything.
What if she cuts out Mike’s children from her Will?
Mike loves his second wife. However, the fear of the unknown keeps him up at night.
Fortunately, there is a way to put Mike’s mind at rest.
Mike and Carol need a Contactual Will Agreement.
They build Wills –
Whoever dies last leaves half to Mike’s children and half to Carol’s children.
They then take the extra precaution of signing a Contractual Will Agreement.
The Contractual Will Agreement stops them from cutting out the other’s children.
The Contractual Will Agreement stops both of them changing their Will.
Mike now dies.
Carol lives another 30 years. Mike’s fear that Carol would cut out his children is justified. After Mike died Carol redid her Will.
Carol leaves everything to her own children. She leaves nothing to Mike’s children.
Mike’s children enforce the Contractual Will Agreement. The Court gives half of dead Carol’s assets to dead Mike’s children. Mike’s children also get back all their legal costs.
How does a Contractual Will Agreement work?
This Agreement is a document between two people. This is often a husband and wife who each have children from prior relationships. They make Wills and want to ensure that their partner who survives them keeps their part of the bargain.
The courts honour these Agreements.
Extract from Legal Consolidated, Nedlands, WA.