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Protect your estate: the importance of the will

Protect your estate: the importance of the will

The possibility of protecting their heritage even after death is not unknown to a large part of the population.

But it is the importance attached to the will that is worrisome in our country.

It is enough to search the Internet for ‘will statistics in Australia’ to discover that the number of Australian who have taken the time to carry out this procedure is barely around 4%.

For this reason, for some years now, the Ministry of the Interior has implemented the program “September, testament month” with the intention of creating awareness and encouraging the testamentary culture with discounts of up to 50% on those dates.

Why make a will?

Obtaining each of the goods that today allow you to have comfort and a stable financial solvency has undoubtedly cost you great effort and dedication throughout your life.

Having a property that has high capital gains for your benefit and that of your family, as well as other profitable investments generates incomparable tranquility.

will

It would be unfortunate that when the time comes when you should leave this world, the residence that was the scene of so many memorable moments, the car that moved them through different cities or those objects of great sentimental value are the cause of disputes between your close people in a future.

This is because, in the case of the absence of a will that expressly indicates the distribution of your belongings to whoever you want, they will remain intestate until the authority decides for you who will be the new owners.

To solve this problem, years could pass, even requiring higher administrative and legal expenses in which a decision is determined.

For this reason, it is essential to process it, because only in that way will you have full security with legal basis so that the people you designate receive the corresponding inheritance as you have contemplated.

Advantages of the will

Taking the precaution of preparing the document that guarantees the timely allocation of your belongings in the future for your beneficiaries has advantages such as:

Protection of your family’s assets

As we mentioned before, there is nothing more reassuring than having the security than when you are absent.

will

Your family will not be left unprotected or have complications for the goods that you wish to grant them to be delivered to them.

You can give more than material goods

In the case that you have minor children, in it you can delegate to someone you trust the guardianship of them in the event that you and your partner die.

If you have copyright and / or industrial rights, you can express your willingness to inherit them to whoever you want so that they continue to benefit from them. Now, you might be asking how to inherit a will if there is no will?

You decide who to inherit

Unlike inheritance by in testament, in which only family members are considered in ascending and descending order or even fourth degree relatives.

When you make the document there are no limitations on the recipient of your belongings.

Thus, you can inherit to family, friends or charitable institutions part of the inheritance in the proportion that seems best to you.

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Revocable procedure

If some time after having made your will you have changed your mind or have acquired new assets that you would like to include, you have the possibility of making a new one with the pertinent modifications as many times as you want.

Keep in mind that only the most recent will have legal validity.

What is required to make the will?

As the testament is a totally personal procedure, the presence of the testator is necessary before a notary public who can attest and draw up the document.

You cannot be represented by a third party for the purposes of this procedure.

Even in the case of a joint property marriage, the couple must make their individual will.

Taking care to have concordance with the inheritance they leave, because otherwise if an asset is not specified in any of the wills, half of it would be intestate.

will and estates

The notary in charge of carrying out the procedure is empowered to advise you on this type of issue and any other related to the will, so any questions you have can be consulted with confidence.

If you are ready to make your will you must:

1. Present an official identification that guarantees your identity.

2. Provide a copy of the birth certificate.

3. Fill out the corresponding application.

4. Be in full use of reason. It is not possible to complete the process if you are under 16 years of age or if you have mental faculties.

5. Provide personal data (name, place of birth, marital status, occupation, address and information of parents and children).

6. Express your will clearly about how the distribution of your assets will be.

7. Appoint an executor, the person who will be in charge of presenting the death certificate and the will, as well as managing the assets until they are delivered to the heirs.

8. Make the payment corresponding to the Federal Law of Rights.

Digital Testament

The personal and professional information that we use to access digital spaces through the Internet has become more important in recent years.

For this reason, it is also advisable to write a posthumous letter that is included in the will in which it contains the passwords of social networks, emails, websites, bank accounts and any other digital platform and express what is desired for the future of these.

Have you already made your will? Do not leave something as important as the future of your estate for later. Remember that investing in real estate, in addition to being one of the sectors with the highest returns, is inherited for the next generations. Contact us at Mckenzie Lawyers today!

If you would like to write down a will, grant an influence of Attorney, or appoint an everlasting Guardian, it’s important that you simply get legal advice. McKenzie Lawyers have the experience you would like – and With our fixed fee arrangement, you don’t need to worry about your legal costs spiralling out of control.

You might also want to read other articles like: Tow Truck: Tips for calling with guarantees

Ian Tamondong

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