There are only 3 things in this world that are certain; birth, death and taxes! During a lifetime, a person acquires assets and wealth and it is perfectly natural to want to leave your wealth and possessions to those close to you. Some people mistakenly think that it isn’t necessary to write a will, as their wife/husband will inherit everything, yet Australian family law is based on 19th-century British legislation and that can cause issues.
Here are a few very good reasons to put pen to paper and ensure your family’s financial future.
- Provide for your children’s education – If you have kids, you want to be sure that there are funds for their education. Search online for an Australian family law firm and let a legal expert help you to draft a legally binding document that ensures further education opportunities for your kids.
- Peace of mind – We all worry about the future, it is natural for the head of a family to think about what might happen if they were to pass away. With a will securely locked away in your lawyer’s office, you can sleep soundly, knowing your last wishes will be implemented.
- Facilitate a smooth process – If the worst was to happen, the last thing you want is for your partner to have to deal with probate, which can be very stressful and with arranging the funeral and the expenses related to that, you don’t want there to be any issues or objections. You should take your time with considering your Last Will & Testament; you have the right to decide what happens to all your personal possessions and wealth; the will makes it clear exactly how you want your estate managed.
- Setting up a trust – This is often a good move, as it enables funds to be allocated in a way that you wish. It might be concerned with further education for your kids or a stipulation that funds are available for investment. Choose an executor, whose job it is to administrate your estate as instructed.
- Protect real estate – A family lawyer can explain the ways that you can protect real estate with your will; it could be a project car that you wish your son to finish, or any asset that you are particularly attached to and have specific wishes. Taking out insurance is possible as part of your will.
- Override ancient laws – Many lawyers are calling for inheritance laws to be reviewed, as they were written centuries ago and are not as relevant as they once were. There are many grey areas and that could lead to an unfavourable outcome.
The process of writing a will is simplified when you enlist the services of a leading family law firm and Google can take you to a website where you can schedule an online consultation and get the ball rolling.
