It’s never too early for anyone to plan for the future. While you are alive, the estate planning process allows you to manage and preserve your property. At death, your estate plan will enable you to maintain and control their distribution after your death according to your goals.
TGB Lawyers Wills and Estates Adelaide includes the most important decisions you will ever make. It provides a clear and official statement explaining how you want your estate to be shared by your loved ones.
Put it this way; if you do not make a will, you can not guarantee that the assets for which you worked so hard will be delivered to your intended beneficiaries upon your death.
It is imperative to ensure that your young children are cared for in case the worst happens. You must name the right people who will take care of them as well as your belongings and assets to keep them out of the hands of relatives who may not have the best interest for the loved ones you will leave behind.
Preparing a will is recommended for everyone, even if you think you do not have a lot of property to leave to your loved ones.
It is so critical to make sure that your wishes are expressed in a legal document ensuring that your potential beneficiaries receive the intended inheritance. It is, therefore, necessary that you sign a will, so that you and your family have peace of mind.
The main benefits of a will include the following:
- the possibility of appointing guardians or trusts to care for minor children or grandchildren
- the freedom to select trusted executors to control their affairs and assets for life
- the ability to specify physical and financial gifts to family members, friends and related charities
- the opportunity for business owners to start planning their estate
- the asset protection to ease the burden of healthcare costs
- the assurance that your family will fully understand your desires
- the confirmation that you make the most of all the discounts and tax exemptions available.
Wills can also be changed at any time. You may have something new to add to your will or if you may wish to make changes to your current will.
Not having a will or the desire to name the beneficiaries of your estate, there is always a risk that this does will not match your family goals. Intestacy laws will come into play if you die without a will. It means that a court could impose that the inheritance is divided between the spouse and the children. If you desired to give the kids a more stable future, then dying without a will can reduce your children’s inheritance. With the governmental laws in place, your spouse can receive equal favour. Work with TGB lawyers Wills and Estates Adelaide and get your wishes sorted out properly.
It is possible as well, to indicate how you want your funeral to be organised. However, you must keep in mind that this facet of your will is only an expression of a desire in the eyes of the law and is not legally binding on your executors.