When we talk about wills we should not let any feelings get involved including nervousness, it is a step we all must do to ensure that our belongings will be benefited by our loved ones and the people we deem fit to do so. It is one of the most significant thing you will do because it bestows a person the power you will not have after your eventual decease. A will makes a sure guarantee that your assets will be distributed the way you wanted it to be and to whom you wanted it to be distributed to.
Lets start with some basic information:
A will is a legal document (that you can change an unlimited number of times during your life) that contains precise instructions as to what should happen with a person’s estates after their death. Any person that has his or her full mental capacity and is 18 years old or older can make a will. This estates are made up of any financial and material assets like their home and other property, their savings, investments, belongings and any other things that were of their ownership during life as well as debts and liabilities.
A will is the only medium possible for people to determine how their property will be divided, it helps families organize and arrange everything much easily from dealing with trust funds and making investment choices. A will will even make the administration process less expensive. In the case of the death of a person without a will Australian government proceeds to pay bills and debts the deceased may have had and if no relatives are found the remaining assets are paid to the state government.
A will to be legal must be in writing (typed or handwritten), it must have a valid signature that must be performed in the presence of two or more witnesses; these witnesses must in turn also sign the will in front of the will-maker. The will maker must appoint an executor or various executers that will act in unison, they will be the persons who will be responsible to for looking after the decisions made in the will; you should discuss this with your appointed executor so you know they are willing to the job. Executors can be anyone but most people choose family members or friends they trust the most other people choose professionals to carry on this duty because they will have to be able to make decisions based on advices that will come from accountants, lawyers and such. Information such as the way you want your burial/cremation handled, bank account information, life insurance policies, location of important documents and other instructions that should be discussed previously and not just stated in your will to prevent that it is read late and your wishes not complied.
An estate will be distributed to the people who are legally entitled and those who you pick and choose; plus handling debts and liabilities as well (this will all be covered by the estate itself the executioner will only be an administrator). You can also donate to charity and make special gifts. A will can be specific about who gets what or it can distribute a percentage of the totality of an estate to certain people. To have an actual account of someone’s estate there is a process called valuation of their bank accounts, properties and cars (which will be valued by an agent or valuer) and even pensions and debts (mortgages, credit card, loans, etc.). For other financial assets such as investments in the time of death the provider is asked for this information
It is very important to make a will to ensure that what you have been working for all your life is used the way you want it to be used, in benefit to loved ones or important organizations. Another very important thing about a will is that in it you state what shall be done for minors and who is going to look after your children. You should also change your will every time something major or important happens in your life events like getting married or divorced, having children, acquisition of net properties or investments so get the advise and tips you need from an estate lawyer to ensure that your will is made according to the law and all its requirements.
Many people appreciate the importance of leaving a will governing how their estates are to be distributed among family and friends once they pass on. But, very few people understand the importance of having a solicitor involved in drafting a will, or at least looking after it once it has been written. Here are some compelling reasons why it is important to have a will done and/or looked after by a solicitor.
Why Have A Solicitor Do And Look After A Will?
Literally anyone can make a will under the law, given the right circumstances. So, even minors and people with diminished mental capacities can create legally binding wills if certain conditions are met. However, making a will is one thing, and ensuring that it is valid is a completely different thing, which partly explains why about half of all Australians die intestate. This is where a wills solicitor comes in. A lawyer guarantees that the will is valid in the eyes of the law, so that the testator does not die intestate despite having a clear plan on how his/her estate should be divided up.
Some wills solicitors are also experts in estate planning, which can go a long way in helping the creator of the will divide the estate better. For instance, when leaving belongings to a large number of people, a lawyer with estate planning skills is a great option because he/she can ensure that the estate is divided appropriately among the named beneficiaries.
Getting a wills solicitor is also a good way to reduce the costs that may be spent on related activities down the road. Having a lawyer taking care of the will on an ongoing basis can ensure that unusually high costs are not spent when it is time to execute the estate. The costs are especially lower if the lawyer who designs the will also serves as its executor.
Another reason to have a wills solicitor do the will and look after it is that the testator may need to leave someone out of the will, which is a fairly complex matter. Some people are automatically entitled to a portion of the estate once the owner passes away, and only a well-drafted will can effectively make it clear that such a right no longer exists for such individuals.
Sometimes a will can be quite complex to create. For instance, there may be joint assets involved, a stake in a family business, liabilities, assets located abroad, or potential future legal circumstances that may affect the nature of the will, for instance, divorce. In such circumstances, involving a wills solicitor would be the best option as he/she can ensure that the will is devised in a way that ensures it retains its validity at its execution.
Even after creating a valid will, it is important to ensure that it is kept safely to prevent its loss, malicious or otherwise. A lawyer can keep the will at their office and offer a copy. In fact, most lawyers are willing to offer this service for free. A lawyer can look after the will and help effect any changes that may come up once in a while.
The law governing the creation and execution of a deceased person’s estate can be quite complex. Additionally, every state in Australia may have some slight variations to trustee regulations that could affect the validity of a will. Consequently, hiring a solicitor who is familiar with the local law is a huge benefit in order to avoid making an invalid will.
While getting a wills solicitor is a great way to ensure that a will is executed as its creator intended, getting a trustworthy lawyer is an even bigger advantage. Such a lawyer can be granted the enduring power of the attorney so that they can make key legal and financial decisions on behalf of the testator if the capacity for such decision is lost over time, for instance, due to failing health. This can prove to be especially important whereby relatives cannot be trusted to get along and reach amicable solutions on important matters affecting the testator’s estate.
Conclusion
There are numerous benefits to having a wills solicitor do and look after a will. First of all, they guarantee that the will is be valid at its execution date. Additionally, such attorneys assist on complex matters that accompany the creation of a will in addition to offering other important services.