Having a considerable amount of assets at your disposal can open you up to a variety of scenarios where decisions need to be made, which can turn out not to be in your favour. The possibility exists that you might lose a lot of it in an unfortunate event, take ill before you can pass it along, or die without making proper arrangements beforehand.
Australian law firms are continuously trying to help resolve these issues, and writing a will is one of the best ways to prevent familial bickering. You may have seen reality shows or heard similar stories about families separating because of a will. Luckily, there are ways that you can avoid these family disputes while you are still alive and healthy. It may be too early for some people to read this, but anything that you own could be subject to a conflict in the future. Hiring an estate lawyer will help you avoid family issues in the future.
Everything You Need to Know About Wills and Estates
When you have a lot of assets, you will have to think of what to do with them when you die. This can be a complicated dilemma. You do not have to be a lawyer yourself to know that you have to have a will at the very least. It is essential that your wishes are incorporated into it. It is important that you create a will before any unexpected turns of events occur.
What a Will Does
The purpose of a will is to divide your assets among your heirs. These will be guided by the instructions you have provided in it. If you do not make a will, then the law determines the distribution of your estate. This can lead to a lot of legal problems for your heirs. However, if there is a will, then the allocation is much easier to solve.
Who Should Have a Will
You should go ahead and have a will if you have a lot of assets that you have accumulated over the course of your life. You should also make a will if you have loved ones who are dependent on you. This should include your own children as well as your siblings. A will helps you determine who gets what. If you want to make sure that your children will be taken care of when you die, the will can give them immediate access to the inheritance.
Dying Without a Will
If you die without a will, then you will be said to have died intestate. In that case, your estate will be divided into three portions. The first portion goes to your spouse or partner. The second portion will be given to your children. The last portion is divided among your other relatives. If you have no children or your children are not alive, then your spouse will automatically inherit everything.
In order to make your wishes known and to make sure that your family will be taken care of, you will have to create a will. The sooner you do this, the better for everyone involved. It is not something you can put off for a long period of time. People tend to think that they have plenty of time to do it. However, it is never too late to make one. If you have an estate lawyer at your disposal, they can help you decide the best course of action.
The law office of Amanda Dobbie and Associates will be happy to help you sort out matters and help you with wills and estates matters. Contact us at +61 434 399 319 today!