Why Wills Are Important to Your Beneficiaries?

Posted by on Nov 18, 2015 in Uncategorized | Comments Off on Why Wills Are Important to Your Beneficiaries?

Putting together your very last will should ensure that people left behind receive their share of properties and assets once you die. It is a crucial document notarized by a legal counsel to share your assets and properties equally among your loved ones. Wills are written statements of what you intend to give to your beneficiaries. They may not expect much as everything is stipulated here. The wills you create should divide your assets and properties equally among all your beneficiaries.

Just in case you have no will made for your beneficiaries, the local government department will have to choose which assets can be shared among your loved ones. However, it can be unexpectedly unfair for the others if they don’t get equal shares from your properties and assets. This may cause confusion among your beneficiaries, which in turn must be accepted due to the decision of the local government department.

Before you make a will you need to determine which beneficiary you intend to leave behind any of your properties. There will also be a need for executors especially if you leave your assets to a minor. The beneficiaries will always include the immediate relatives. You may also leave behind your properties through an executor. The executor may be someone you trust to implement what is inside your will. If you are divorced, you need to stipulate if you have legally adopted your kids and that they are rightful to receive anything from your will.

When you distribute your properties and assets, consider everyone left behind including minors and adult children. If you intend to leave something for a minor, ensure that you have designated a guardian to manage the property. It can be your wife or extended relative, as long as they are trusted. Remember that according to Australian law, your beneficiaries can contest with what is written in the wills. You have to include a provision for these people. When your beneficiaries have to contest the declaration in the will, they will have to consult appropriate legal services Australia.

To ensure that the will is binding and true, you need to register the will to the state registry. The registry will just have to provide information about what is written in the will. The Registry will also provide your beneficiaries and executor where to find your will. Just like any online store, registration of wills is now accepted through online access. However, they will need to include your name, address, birthday, parents’ names, contact information and more. It should help you locate the will and what is written behind it.

The will is written down on paper using your handwriting or probably typed and notarized by a lawyer. It is signed by you with your signature affixed next to your name. On some wills, they provide two or three witnesses to prove that it is a valid document. To ensure that it is binding, you may need to hire a lawyer or solicitor Melbourne so that there is no contention to what is written.