Life in the present world has become very uncertain. With factors such as diseases, car accidents and hate crimes, which are constantly on a rise, one does not know what may happen the next moment. It is this fear and insecurity working in the base of people’s mind, that leads them to amass as much wealth and assets as they can in the shortest duration of time.
Further with the rise of materialism and fancy lifestyle as advertised in the various platforms of media, this craze to hoard has gone to another extent. But in this mad rush to go on accumulating, what one often forgets is to ponder upon the most important question- What is to happen to all their wealth and property once they are no more! No matter what may be your age, with the growing uncertainty, it has become absolutely necessary for everyone irrespective of their place in life, to ponder upon these questions.
It is from such question that one realizes how important it is to frame one’s will at the earliest.
The Importance of Will
Whenever a famous personality or a celebrity meets untimely death, one of the first things that you may get to hear is about the complications that arise in matters of inheritance. Often these matters become so soar that even beloved family members get estranged from one another. Though in the case of ordinary individuals, these matters may not come before the eyes of the public but the complications that follow are no different.
Will negates the chances of Conflict within family members
Much of these can be avoided by a clear Will that states what share of assets and wealth is to be inherited by whom. You may also divide the property between your wife and your various children in a way that you find is most fit.
Will helps in identification of right inheritors
Sometimes it may also happen that even people with whom you share no blood ties are very significant in your life. In the absence of a will those people will never be entitled to any share of your property, irrespective of how strong that bond may have been. In these cases too a Will becomes very handy. Once you have a will in place which mentions your list of benefactors, there is no way that those people can be left out.
Will for minor children
Even in the case of minor children, it is essential to have a will in place. in case of minor children, they are not legally eligible to inherit your property and as such the state takes total control of your property till your children reach the right age.
Further if you do not share the guardianship of your children with anyone else, often it becomes a matter of conflict so as to who shall become the next guardian of your children. In this tug of war of custody your child may be the worst sufferer and undergoes a lot of psychological stress. You would definitely not like to throw your children in such a predicament. Well you can save them much harassment simply by framing a will. In the will you may mention every detail, pertaining to who shall be the custodian of your child, how much money should be spent on their upkeep and what amount should go towards their education. You may also keep some one as the custodian of your property till your child reaches the legal age.
How should you frame your Will?
Though the language of the will is recommended to be very simple, it is not advisable for a person to write his will without the help of someone who has thorough knowledge of all the legal terms and an experience of the kind of complications that arise after framing of the will. This why it is always advised to take the help of a competent wills lawyer Perth who cannot just help you in framing the will also give you other helpful advices regarding your will.
Updating your will
One of the very first advices that you can expect from a competent wills lawyer is regarding updating your will. Merely writing a will is not enough, but you must also update it from time to time. The financial status of a person and that amount of assets he or she holds keeps fluctuating from time to time.
Whenever any major changes happen in your financial status it must also be properly reflected in your will. Unless you make these changes, the validity of your will may be put to question and there may even arise a circumstance where the will is not even considered any more.
Further if you do not mention any of the assets that you acquired after framing the will, the same kind of conflict may arise again and the entire purpose of having the will may get stalled. The ideal period recommended for updating your will is every three years.
However, this does not really mean that you have to scrape down the entire will every 3 years and write it afresh. That will be a colossal waste of both your time as well as your efforts. What you simply have to do is update the existing Will.
How to update the will
If you are wondering how to update a will, then the group of competent lawyers at Tang Law may offer you the best will service at Perth. What places the lawyers at Tang Law above their peers is that they are specialists in the field. So unlike a general lawyer, they possess greater depths of both knowledge and insight when it comes to framing or updating a Will.
Not are the lawyers just there to assist you in your will, but they also educate you on the various factors related to your will so that you may remain one step ahead of the complications that may occur.
Contact the best wills lawyer Perth at Tang Law and give your loved ones a secured tomorrow!