You have worked hard all throughout your life to own those properties and assets for yourself and your loved ones. As a grown-up individual, you are aware that life is all about uncertainty and no one knows what is in store for tomorrow? You may be afraid of sudden deaths and unfortunately, if it happens to you, the intended inheritors of your property will have a tough time in the absence of a will. In such circumstances, your family members will face a lot of challenges to own your property as seeking legal help is going to be a long-lasting and costly affair. To avoid giving rise to such situations, it is best to plan your will with the help of will and estate planning lawyers Perth when you are alive.
A will is a legal document made by an individual which states how they wish to distribute their assets when they are no more. According to a survey, about 59% of the Australians have a will and 22% expect to make one and there are few people deliberately decide not to make a will. Wealthy and older people possessing assets mostly go for will and estate planning.
Reasons to plan your will
- Protect young children: There may be situations where you are the sole bread earner of your family and if something happens to you, there may not be anyone around to raise your minor children. This is when will and estate planning helps. In the will, you designate the legal guardian of your children if they are still not 18 years of age and you will also state about the properties they will inherit legally when they turn 18. In the absence of a will, the court will make the decisions.
- Protect adult beneficiaries: It is not just your children who depend on you but there may be other adult beneficiaries like your spouse, parents and siblings who can make use of will and solid estate plans. However, due to certain factors like a creditor, the adult beneficiaries may take wrong decisions with their property. You can prevent this by adding clauses so that such beneficiaries can be protected from people who may try to take advantage and also from themselves.
- Reduces tax burden: One of the other reason to plan a will is that it helps to reduce the tax burden. Tax is not levied on the portion which is given away to inheritors or charity. This reduces the value of the estate on which tax is applicable. Planning a will ensure that minimal tax is levied when the estate is shared after your death.
- Prevent unintended beneficiaries: When it comes to your estate, you are the best person to choose who will inherit your property when you are no more. Estate planning helps to designate the assets to your heir. However, if there is no will and estate planning, it is left on the court to decide the inheritance. It not only may give rise to unintended beneficiaries but it is an expensive and time-consuming process.
- Avoid family conflict: Lack of planning often gives rise to conflict among the family members when the owner of the estate dies a sudden death. A comprehensive will enables you to choose who will take charge of your property when you pass away. It allows you to decide who will get what and when and how the heirs will get them. This ensures that the assets are managed by the person you desire most. Estate planning prevents things from taking an ugly turn and taking legal action by one of the family members if they think they have been deprived.
- Peace of mind: Though you will need to put some effort to plan a will with property lawyers Perth but at the end, you will have peace of mind. You can rest assured that your property will be inherited by your loved ones exactly the way you want them to be in your absence.
How property lawyers can help?
Since a will is a vital document, it needs to be drafted correctly and signed in the presence of the witness. Otherwise, your wish may remain unfulfilled. To fulfil your last wish best property lawyer in Perth assists you to recognize your moral and legal commitments and takes care of the inheritors stated in the will. The property lawyers help their clients to plan wills and trusts, handover power of attorney, appointing legal guardians and prepare documents that will help to run the client’s estate whey they pass away. They also help clients with auditing of the assets, make sure the beneficiaries get what they are entitled to and keep the will in safe custody.
Choosing the best property lawyer
One should choose the best wills lawyers Perth as they have years of experience in will and estate planning. The highly educated team of lawyers provide the most authentic property law services and take up all property-related cases to ensure that client receive their property claims which are due without any hassles at the earliest. Their areas of expertise include property transactions, property settlements, commercial assistance, planning of estate and deceased estate administration. You can avail excellent services regarding reviewing and preparing estate documents, file liens and drafting of deeds. They make sure to offer holistic assistance to their clients related to all property issues and also make sure that you get your properties without being harassed.
A will is very important for the future of your family especially when you are not there. If you want to give away whatever possession you have to your family, it needs to be done legally. So a will is a comprehensive plan which specifies who gets what. Otherwise, a long court battle awaits. If you wish to protect your property and want your heir to inherit the property legally, you should hire a property lawyer from a reputed law firm and go for will and estate planning.