Lifestyle

How to write a will if there is no will

“I’m putting it on hold in case I need to fix it. It costs money. I think my life will be fine before I die,” she says. I have.

“I have discussed my wishes with my mother and I believe my family will work things out at this stage.”

While Grant is happy with this, many experts in the will and real estate industry believe the importance of a will should not be underestimated, regardless of age, health, or assets. .

“A will gives you certainty. Writing a will gives you control over your assets,” says Andrew.

This control is very important to ensure that the assets get to the people who want them.

A spokesperson for ASIC’s Moneysmart said: “If you don’t have a will, the law will determine who gets your assets, which may not be what you want.

If a person dies without a will in Victoria, your property will be divided based on a formula that “may not be suitable for everyone,” explains Andrew.

This may include the government, who may receive your entire assets if there are no other beneficiaries.

Uncertainty about who gets what can also lead to other potential problems, such as family disputes over rights if a person dies without a will.

“For example, two rings and three daughters?” says Andrew.

Wills contain residual clauses covering what remains after debts and other expenses have been paid, so that all assets are disposed of, and gifts if people you choose have died before you. Must include a clause.

A will can allocate money for funerals, gifts, charities, clubs, pets, and trusts, and can include the age at which beneficiaries receive their share. It can also cover sentimental items and guardianship of children. But perhaps most importantly, when making a will, carefully select an executor who will administer the deceased’s estate according to the will.

Loading

Andrew says: Choice of executoryou need to consider four factors – whether they are suitable and have the skills to manage a property, their availability, their willingness and their age. strongly recommended.

While most wills are straightforward and can be done using a Will Kit or online, Andrew says that if there are complexities or questions about property ownership (whether sole or joint ownership), And it’s worth using a lawyer or professional services, especially when figuring out if it’s a superannuation. part of real estate.

“You should get advice whenever possible. It gives people peace of mind that everything is covered,” he says.

As a parent, it’s definitely comforting to me because I know that my children, both human and cat, will take care of them if something happens. It’s just a little easier to say

Get the most out of your health, relationships, fitness and nutrition with the Live Well newsletter. Receive in your inbox every Monday.

How to write a will if there is no will

Source link How to write a will if there is no will

Back to top button