A Will is an important estate planning document that can help you achieve many of your estate planning goals. If you die intestate (without a Will), you will leave your estate at the mercy of law which will decide how your estate shall be distributed. Without a Will you risk your estate leaving to your next of kin.
Whether it’s a family home, household items or your savings, you should decide who receives them after you die. If you die as an intestate (without a Will), the intestacy rules will decide who receives your fortune. These rules might not meet your wishes and never include provisions for those not related to you, like close friends or your favourite charity.
No one knows their children better than a parent and, if you pass away intestate, the State will decide who should care for them. You can appoint a trusted guardian for your children in your lifetime to ensure they are in safe and caring hands after your death.
You can keep your loved ones away from lengthy and expensive legal fights over your estate with your relatives. It is often quicker, cheaper, and less stressful to administer an estate where there is a Will. If you die intestate, it would necessary for your estate to commission genealogical research to identify any lost or unknown relatives. That can be very expensive and time-consuming.
An executor plays the biggest role in the administration of your estate. In your Will you can appoint someone who is honest, trustworthy and organised to wind up the affairs of your estate. This person may or may not be a family member.
You do not have to give all your estate to your relatives if you do not want to. Through your Will, you can give back to the community by allocating a share from your estate for your favourite charity. If you die intestate, your charity would not benefit from your wealth.
You might have a relative who suffers from a disability, mental illness or any other type of vulnerability. You can protect those vulnerable relatives in your Will by giving them your money and/or assets and, at the same time, by creating a protective trust. Under the protective trust, you can appoint a trust trustee who will manage your vulnerable relative’s inheritance in a way that is most appropriate for them. For instance, your appointed trustee can use the trust funds to purchase a home for your vulnerable relative to live in or pay for his/her medical or educational expenses.
Could you leave your business or your shares in a business in your Will? The answer is yes. There are certain ways which allow you to deal with your business in your Will. For instance, you can transfer your shares in an organisation to a trust which can then distribute profits from the organisation’s business to your beneficiaries.
Don’t leave anything to chance – get in touch with Nadeem Lawyers today for further information regarding our will writing service. Our experienced solicitors can professionally draft your will for you or aid you in reviewing your will as it stands.
Nadeem Lawyers is a law practice with a focus on Immigration, Business & Property Conveyancing, Family Law, and Wills & Estate. We are conveniently located in the Parramatta CBD. We pride ourselves on our personable approach and focus on establishing long-term relationships with our clients. Our team is committed to achieving meaningful results for our clients in a cost-effective manner. We feel a great sense of achievement when we see our clients emerging happier at the conclusion of their matters.