The end of a person's mortal life is not something most people would want to talk about. However, if you care about your family and loved ones, you should put careful thought to it by writing a will that defines how your assets will be distributed after your death. You not only save your family from pain and confusion, but also save your assets from the extra taxes that would go into the execution process. Here are some top facts beginners should know when planning to write a will.
Dying Intestate — Dying Intestate is passing on without having written a valid will, which means that you leave your family and friends at the mercies of the Australian state laws. The laws will dictate how your assets and estate will be shared. For instance, imagine you wanted your distant cousin to inherit that classic car you would not let anyone touch; however, because you did not write a will specifying so, the court is not obliged to grant your wish. Furthermore, dying intestate has one setback: your assets incur extra taxes and charges that go into statutory fees or to a court-appointed executor.
De Facto Relationships — A de facto relationship is where a couple lives together, jointly or separately, but is not legally married. If you did not write a will, that does not stop a de facto partner from making a claim to your estate and assets. A case in point was a claim made by a de facto partner in Australia. The judge ruled that assets in the superannuation fund and family trust be shared between the two children of the deceased and the partner on a 50-50 basis. However, judges assess the evidence to determine the validity of the relationship. If you do not intend your de facto partner to get any of your assets or lay claim to your estate, you must write a will that clearly outlines your wishes.
Ideal Time to Write a Will — The rule of thumb is to write a will as soon as possible when you hit significant milestones in your life. When you become of legal age or get married ensure that you draw up your will. Further, even if you are married, but in a de facto relationship, always amend your will accordingly. Furthermore, when you acquire new assets such as a car or a summer home, change your will to reflect the new acquisition. Divorce and separation are major milestones that should be considered when writing a will.