A will is a legal document that spells out your wishes regarding the care of your children, pets as well as the distribution of your assets after your death.
Put simply, a Will is a legally prepared and bound document that states your intentions for the distribution of your assets and wealth after your death. In the event you have children or pets, a valid Will also allows you to designate who will care for them.
The history of Wills actually dates back to Ancient Roman times. The idea was based around the desire to provide instructions for the passing of one’s possessions to Beneficiaries. Interestingly, many of the original 19th century requirements that were established in England surrounding the creation of Last Will and Testaments have withstood the test of time, and are still legal requirements to this day in many states.
In the simplest terms, a properly-prepared Will is a legal document that ensures you’re protecting your assets, surviving spouse and loved ones after you pass. By explicitly outlining what you want to have happen in the future, your final wishes will not be ignored if others try to step in.
Failure to prepare a will typically leaves decisions about your estate in the hands of judges or state officials and may also cause stress on your family.
What is a Guardian?
A guardian is an individual to whom a judge or a will gives the legal responsibility to care for a child or an adult who does not have the capacity for self-care. The appointed individual is often responsible for both the care of the ward (the child or incapable...
If you are listed as an Executor, do you need to take up the responsibility?
A nominated person does not have to accept the appointment as executor. A nominated person can, before applying for a Grant of Probate, appoint the State Trustee to act in their stead, or simply sign a renunciation. However, once a person has undertaken any aspect of...
What if no executor is named in the Will?
If Will-maker failed to appoint an executor, usually the court needs to appoint someone to administer the estate. A person appointed by the court is called an administrator (of a Will). Often this is the beneficiary with the largest portion of the estate. An...
Why are Wills important?
Just like going to the dentist or doing taxes, many of us put off writing our Will because it’s something we don’t really want to think about. But if you aren’t specific in how you would like your estate to be distributed after you die, if something were to happen to...
Do young people need a Will?
Don’t leave anything to chance Remember when your parents used to say that you were growing up too fast? And you thought, it’s not fast enough! The thing about growing up is that before you know it, you get swamped with mortgages, insurances, paying taxes,...
Who needs a Will?
A Will is one of the single most important documents a person can have; yet, so many of us put off dealing with it for far too long. Many Australian’s assume that they’re “too young” to need a Will. Some people believe that they don’t own enough assets or have a big...