There are many misconceptions when it comes to estate planning. From making the right documents to understanding the procedure, it will require expert Wills lawyer Adelaide to help you understand what should or shouldn’t be done. Most people understand that there is a necessity of having a last will. In fact, if you ask the legal and financial experts they will recommend having basic estate planning for everyone. However, with the unfamiliarity of laws and legal processes, there are often many doubts left for lay people.
Here are the top 5 questions which most of the clients ask their lawyer-
What happens when a person dies without any will?
When there is no last will, the assets are probated or passed through the courts to distribute it according to the laws of intestacy. This means that it will be distributed according to the laws of the state and typically goes on to the spouse first. When there is no living spouse, the estate will pass on to the children and that too equally. With no children and no spouse but living parents, it will pass on to them. When there are no blood relatives, there can be decisions of the estate passing totally to the state.
What should be included in the will?
A person’s will can include the assets such as houses, share, cash, vehicles and other properties. It can also include the rights and powers such as when being appointed as the Trustee of a family trust. The will can also specifically include the distribution of particular belongings such as artwork, collectibles, jewellery, photos and likewise. There can be instruction on the guardianship of the children, about organ donation and even wish on the type of funeral arrangements. However debts remain the debts even when the person has passed away and can be recovered by saleable assets.
Who can be the executor of the will?
The executor of the will is basically a person who is named by the owner in the will and is given the responsibility to carry out the instructions as listed. It can be the spouse or any adult children who is 18 or up. It can also be somebody from the relative or even a trusted friend or partner. There can also be multiple people who will act as joint executors of a will. That said it is important that the executor him or herself should be comfortable in taking of this responsibility and is often recommended by the legal experts to have someone younger because the person should have a good chance to survive beyond you. You can also appoint a public Trustee as the executor.
Is there a minimum amount required to create a will?
No there is no minimum amount required when you want to distribute your assets. However there can be tax implications when it is above a certain value. But if there is no adequate provision for the spouse or de facto partner, children or the other dependents, but a considerable amount left to someone outside these people, can challenge against your estate.
Sometimes a person can also leave a gift to a charity which is known as bequest which is when it’s a good idea to get the legal advice help from an expert.
What is the difference between a living and last will?
The difference is that the last will will be used as the final statement to dispose and distribute your assets to the people, however a living will can provide health care instructions in advance – for instance whether or not you want a life support.
