How often do you think about the future?
Making sure your family will be taken care of if something happens to you should always be a priority. That’s why chatting with professionals and planning for tomorrow, today, is important.
Your wishes will be carried out when you pass away with the help of an up-to-date Will. Furthermore, a Will does not give room to the often painful property legal disputes and the hatred it brings thereafter.
So if you’d like to know more about Wills and how important they are, here’s everything you need to know.
Why Should You Make A Will?
If you pass away without making a Will, all your properties will be divided according to government regulations. However, with a Will, you can decide how to divide your estate between your family, friends, and even charities that mean a lot to you. The good news is that you have the power to appoint an executor of your choice, which puts your property in trusted hands should you be unable to action your final wishes.
According to property finance experts Maxiron Capital, “with more and more Australians owning property the distribution of these estates is key. Property that does not pass by beneficiary designation goes to the court system. Without a will your hard work of securing investment properties can be diminished through costly and time-consuming legal processes, and even lost property.”
What Is The Work of An Executor?
An executor is a person who looks after your estate until the Will is read or included a passage in your Will allowing them to look after your property for a certain period of time. The work of an executor may include:
✓ Gathering all assets
✓ Locating or holding the Will
✓ Arranging to pay all your debts.
✓ Prepare tax returns
✓ Locate beneficiaries
✓ Distributing your property as per your wish
✓ Dealing with any court matters
✓ Maintain accurate estate administration records
How To Choose An Executor?
This is an important decision and should not be taken lightly. Of course, when it comes to choosing or deciding who to pick as an executor, you must consider if they have all the required skills and ability to administer your estate.
According to aged care experts at Get A Healthy Life, it’s important to think carefully about choosing an executor. They note, “you should note that an executor is responsible if something goes wrong with the administration of your estate. For example, if they forget to insure your property (like a house) and by chance, it gets damaged, they should be in a position to compensate the beneficiaries for the losses out of their pocket.”
Note: choosing a family member or friend may place an extra burden on them at the time of loss and grief. Also, your choice to choose a person close to you may be a recipe for conflict between your executor and beneficiary. To avoid these problems, it is wise to consider an independent executor.
What Can You Include In Your Will?
In all honesty, you can include just about anything.
What does this mean? Well, it simply means that apart from your property, finances, cars and others; you can also include items that may hold sentimental value to you like ornaments and photos.
A Will can also assist to declare your wish of your preferred guardian to your minor kids or someone dependent.
What Are The Requirements For Creating A Will?
To avoid problems in this area, it is wise to consult a lawyer before preparing a Will. They are in a position to ensure that it meets legal requirements. It is important to note that requirements vary from state to state, but there are some universal rules that apply in all Australian states. These rules are:
- One must be of sound mind and over 18 years
- Put your wishes in writing (verbal wishes are not enough)
- Have at least two witnesses present when signing the Will who are not beneficiaries
While it may seem unnecessary, according to the funerary team at Perth Cremations and Burials, having a will is a necessary legal framework, noting “it’s easy to think the need for a will doesn’t apply to us. But it’s better to be prepared and not have to act on your Will, than require legal framework that you don’t have.”
The Peace of Mind You’ve Been Looking For
Without a Will, you do not have control of what will happen after you pass on. With professional support, you receive not only an effective way to bring peace to your loved ones but a simple way to let your wishes be known too.
