How To Protect Your Australian Assets With A Will?

June 16, 2023    Wills Lawyers Perth
How To Protect Your Australian Assets With A Will?

People look for various ways to protect their assets or wealth. But the smartest way to protect the finances and the family is through a will. This will save a person’s family money, stress, and time by clarifying the deceased person’s wishes through a powerful document.

It will be highly beneficial for people when disputing a will, and through this post, one will get more information on it. Let’s get started.

Things To Know About the Will: A Detailed Explanation

The “WILL” is known as a legal document, which contains all the instructions which should be followed after a person passes away. The will contains the following information:

1. Organization and Individuals Who Will Get the Assets

People and enterprises entitled to receive the assets and other properties after the owner’s demise are called “beneficiaries.” One can easily leave all their assets or wealth to their beneficiary, such as children and spouse.

Otherwise, he/she can separate the assets among numerous people or businesses in specific percentages. One can also designate presents, such as jewellery and various other things, to certain people.

2. Someone to Take off the Estate and Carry Out the Wishes

This type of individual is known as the executor. He/she is responsible for managing and gathering all the assets. They will also pay out all the taxes, expenses, and even debts by utilizing the estate funds.

Furthermore, they will also divide all the assets among the beneficiaries based on the information provided in the will. Working as an executor is pretty time-consuming, but it’s a crucial job.

That’s why one must choose their role as an executor carefully and make sure not to make any errors or mistakes during the distribution of the assets. The asset owner can also pick a relative, a professional, or a close friend as the executor.

3. Someone to Take Care of the Young Children

Assets owners can choose guardians for all those children who are below 18. Children don’t have the right to own any asset or property until they turn 18 years of age. But the guardian might or might not be the same individual to take care of the personal care of the children.

How Can You Protect the Assets with a Will?

When one gets to make a will, it provides all the crucial information on it, making it easier for relatives and other people to know what will happen to the asset. But the primary question here is, “How exactly can a will protect the assets?” Well, there are several ways it can. These are:

  • All the assets mentioned will get distributed to all the beneficiaries.
  • The assets will not be used in an illegal manner.
  • No one can sell or purchase the assets mentioned in the will
  • The assets and other properties will get distributed by an executor
  • Assets mentioned in the will cannot be stolen or destroyed

Why Must You Have an Updated and Valid Will?

When one has an updated and properly written will, it can do the following:

  • Mention the individual who is well-suited for the role of the executor.
  • Help the executor to understand how all the things are managed.
  • Make sure that all the assets, this includes the property and various other possessions, get distributed based on a person’s wishes.
  • Carefully set out all the beneficiaries, including organizations and individuals, whom one wants to benefit from the asset.
  • Be sure to appoint an individual who will work as a guardian for the children. One must also outline the ways how the children need to be brought up.
  • Lessen all the conflicts related to the asset by stating all his/her wishes.
  • Provide help to make sure all asset-related matters are settled effectively.

Apart from creating a valid will, the Wills Lawyers Perth WA have also pointed out that one must make several changes in the will, especially after a noteworthy life event. The changes he/she should make are:

  • When he/she marries, remarries, divorces, or separate
  • When he/she has more grandchildren/children
  • When he/she has disposed of or acquired a business or company
  • When he/she has disposed or established a business or a company
  • When he/she has disposed of or acquired assets
  • When the executor dies or becomes unwell
  • When the beneficiary experiences a change in a situation or dies.

If the asset owner has already made a will before, some major relationship or lifestyle changes, such as divorce or marriage, can have a massive impact on how exactly the asset will be settled or managed. For instance, if there was a recent divorce, it can affect a will that was made before.

What Happens When There Is No Will?

The professional and reliable Wills Lawyer Perth has stated that when an individual passes away without a will, he/she “die intestate”. In other words, the State Intestacy Law decides how exactly the assets will get distributed and manage the asset owner’s demise. So, when there is no will, it means:

  • One will not have a say on who will benefit from his/her asset. For instance, the assets will get shared with the benefit which he/she does not want to benefit.
  • He/she will have no right to who will be in charge of managing the asset and making all the decisions about the asset or estate.
  • The asset might get extended for over 12 months to settle.
  • The cost for the asset settlement will be a lot more when he/she has created a will in the first instance.

It doesn’t matter how big the asset/estate will get settled and administered. This work will be taken care of by the executor who’s nominated in the will. But if the asset owner passes away without a will, the role will be given to the individual who has the biggest privilege to the asset.

Ending Note

It’s crucial to always create a will so that the family members don’t have to battle for years to settle the assets. Individuals can easily create a will on the online platform, and the whole process is straightforward.

Otherwise, he/she can contact the Will lawyers from Tang Law to offer their guidance on such matters. They have the knowledge and understanding of how a will should be created, and they can offer their tips and advice on it.

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