A recent report by the Australian Securities and Investments Commission found that approximately half of all Australians leave this realm without a will. The absence of a legal document that identifies the rightful heirs of a decedent’s property can be grounds for conflict within the family. Arguments over assets and inheritance can be avoided when you leave an accurate and detailed will to your family.
The Importance of Composing a Detailed Will
Writing a will is usually a delicate subject that Australian families often avoid discussing. But it is important to make sure that your possessions are distributed as how you would want.
A will can be written by you or with the help of your trusted lawyer in Kirwan. Writing a will calls for accuracy and complete details including the names of the rightful heirs, their current residence and your relationship with the beneficiaries. If you choose to exclude someone from taking advantage of your inheritance, that needs to be stated in the will as well.
Most importantly, you need to name at least one executor who will make sure that your will is enacted. A single mistake can lead to complicated problems that can be avoided with a detailed and cohesive will.
Updating Your Will
New assets are bought or old ones sold. Deaths or births might happen. Divorces and marriages can take place. Any developments in your family will require you to update your existing will. You can make amends to your existing will, but according to Legal Aid, it is better to write an entirely new will, which automatically nullifies the previous will.
Considering the Welfare of Children
If you have beneficiaries who are underage, they will not have access to their inheritance until they are of legal age. Because of this, your will must state a trusted guardian who will take care of your assets until the rightful heirs are old enough to take advantage of their inheritance.
Take heed of these reminders to write a detailed and cohesive will and to avoid family conflicts.