Celebrity disputes over estate assets may seem irrelevant to most of us, but they serve as a reminder that almost everyone has an estate which must be distributed after they die. A lack of estate planning creates difficulties for the surviving friends and families in the case of a dispute. The estates of ordinary Australians are at risk it's an important time to ask yourself whether your own will is in order.

In 2007, Anna Nicole Smith died in tragic circumstances. She was of a lengthy court procedings due to a dispute as to whether she would inherit the estate of her wealthy husband, as his will had omitted any reference to her. That matter is still before the courts and is is likely to continue in the name of Ms. Smith's daughter.

Anna Nicole Smith's own will stated that her estate was to be held in trust for her son Daniel until he became an adult; and was silent about any spouse or future children, such as her baby daughter, Dannielynn. Unfortunately, Anna Nicole's son Daniel died before she did and lawyers argued that Anna died intestate, without a will, because her only beneficiary had predeceased her. Lawyers claimed her entire estate should be held in trust for her baby daughter as her next of kin.

Each state in Australia has different inheritance laws. Issues about a person's estate will be determined according to the laws of the state in which the person resided.

Anna Nicole was contesting the will of her deceased husband, when she herself died. Can that action continue? In Australia, the general position is that the right to commence an action to contest a will is lost when the person contesting dies. The right to make a claim can only be inherited by an executor of the estate if the claim had already been brought. In Victoria, the issue of whether an appeal could be continued by an executor once commenced is unclear as to date this issue has never arisen.

Time spent planning now can save beneficiaries from the expense and anxiety of contesting an out-of-date will. There are many different life events that should cause people to turn their minds to reviewing their wills. Some of these include:
* The death of a beneficiary
* The birth or adoption of children or grandchildren
* Relationship changes, marriage, separation, divorce, remarriage, defacto relationship
* Gain or loss of significant assets
* Relocation to another state
* Transfer of assets to companies, trusts or superannuation funds

A bequest is a gift in the form of personal property
A codicil is an amendment to a will
A devise is special gift of real property in a will.
A legacy is a gift. Historically, a legacy has referred to either a gift of real property or personal property.
A legatee is a person who receives a legacy.
A demonstrative legacy is a gift of a specific item of tangible or intangible personal property, such as a bank account, shares of stock, a bond, etc.
To die testate means having created a will before death.
A person who has not created a will prior to death is said to be intestate.
A testator is a person who executes a will; that is, the person whose will it is.
An executor or personal representative is the person designated to administer the estate, generally subject to the supervision of the probate court, in accordance with the testator's wishes in the will.