Supreme Court Approves Resolution to Inheritance Dispute

A complex and long-running family dispute over the distribution of two brothers’ substantial estates has finally been resolved, the Australian reports.

 

The brothers in question were John and Brien Cobcroft, who came from a renowned horse breeding family that has successfully been breeding race horses at a property named Parraweena in northeast New South Wales since 1932. John and Brien were the latest generation to carry on the tradition.

 

John and his wife, Denise, had no children while Brien had two sons with his first wife, Gillian, but no children with his second wife, Jennifer. His two sons, Peter and Niklaus, both went on to have three children each.

 

Keeping the horse breeding business and properties in the family was an important priority for the brothers and their children. John died in 2005 and under the terms of his Will his brother Brien was to have the right to manage Parraweena and an additional property Parraweena Highlands until the death of Denise, Brien and Jennifer. Brien’s two sons were then to inherit 50% of John’s assets, with Brien’s six grandchildren inheriting the other 50%.

 

Denise died in May 2010, followed a few months later by Brien. Brien’s Will left his wife, Jennifer, an income of $1000 a week, plus a property in Sydney. The horse breeding properties were left to his two sons. In 2015 Jennifer lodged a claim for greater provision from her husband’s estate, which was substantial - the two horse breeding properties alone were valued at around $47 million.

 

Peter and Niklaus then faced the issue of how to provide for both Jennifer and their own children without selling off any of the family’s land and property. Both parties took part in mediation to try and resolve the issue and terms were finally agreed that were satisfactory to all. These terms have now reportedly been approved in a ‘family deed’ by NSW Supreme Court.

 

Family disputes over Wills are all too common. Having a clearly written and legally valid Will can help reduce the chances of a challenge being successful, but it is also important to be open and honest with your loved ones about the contents of your Will to avoid any unpleasant surprises.

 

 

Szabo & Associates, Solicitors can offer expert advice on a wide range of legal matters, including contesting, making or updating a Will and preparing a Power of Attorney. Please call George Szabo on (02) 9281-5088 or fill in our online contact form.