Many people on the Gold Coast have been found not to have a will. Yet, how important are wills, Gold Coast and why you need to execute this legal document as soon as possible?
It must be remembered that dying without a will means that the state’s laws and local court have the right to decide on your assets and properties. It makes life become more burdensome to your loved ones.
The importance of wills, Gold Coast includes:
Frees your loved ones from stress
Intestate administration happens when you pass without leaving a will. The probate court is given jurisdiction in overseeing the proper distribution of all your assets when there’s no will. An administrator assigned by the court to oversee the distribution is a legal complication that is an expensive, time-consuming, and stressful situation for your loved ones.
The best way to streamline the court process is to have a will done as soon as possible. A will allows you to choose the administrator you want to handle your assets after you pass. This makes life easier for your loved ones.
Allows you to choose your administrator
You become a “testator” the minute you execute a will. This allows you to choose your “executor” to wrap up your estate and assets after you pass. Nominating an executor needs somebody that you can trust to liquidate your assets, close your bank accounts, and do almost legally everything needed. Not having a will allows the court to pick an administrator – and it may not be one of your choices.
Allows you to decide who gets what and who should not inherit
The simplest explanation for a will is for a testator to decide who gets what and who will not. The will allows specific properties and assets to be received by specific beneficiaries. It also gives you the opportunity to name beneficiaries of any unlisted estate you own. The assigned executor takes charge of the proper distribution of your estate and assets based on the specifics of your will.
A will can also ensure that anyone related to you can be prevented from inheriting something. For instance, an ex-partner will not be able to get anything when there’s a will. Fair sharing among your children is also ensured with an executed will.
Specifically name the guardian for minor children
Nominating a guardian for minor children is one of the best benefits of a will. The scenario usually for parents is to give sole legal custody to the surviving parent after one parent passes on. However, a will is the best protection for minor children in case both parents pass.
The assigned guardian will be given sole responsibility in all the needs of the children from clothing, food, education, health care, and housing. The court will step in and choose a guardian if ever there’s no will. It could mean that the chosen guardian is not the one of your choices.
Executing a will is also a must for pet parent/s. A beloved pet is assured love and care after you pass when there’s a will. Pets, by law, are considered property. It means that they cannot receive or inherit any of your assets. However, your will can specify a beneficiary to take care of your pet and inherit the asset meant for them.
Peace of mind is the top benefit for anyone leaving a will. When you are ready to organise your will, give us a call so that we can help you.