A wills and estates lawyer is an essential component of the estate planning process. He or she will help you prepare your will. Besides, the lawyer will advise how you can protect your beneficiaries from legal and financial liabilities once they inherit your estate. The excerpt below discusses some vital questions you should ask your lawyer as you plan the estate.
1. How Can You Prevent People From Disputing The Will?
This is one of the most significant concerns for anybody writing a will. Your will could be contested on the grounds of legality. As such, you must follow the state law while writing the will. In Australia, wills must be signed by the testator and two witnesses. Besides, the document should not have contradicting clauses. You could also make a video of yourself reading out the will. It is a sure way to prevent unscrupulous individuals from making false wills.
2. Which Trust Should You Use?
Your needs will determine which kind of trust you should use. For instance, a discretionary trust empowers the trustee to decide when and how to make payments to the beneficiaries. It is an excellent way for your spouse to take care of your children once you die. Funds from the trust can be used for your children's education or basic needs. Unit trusts are ideal for adult beneficiaries. Beneficiaries receive benefits according to the number of shares they have in the trust. A bare trust allows the beneficiary to take control of the trust. It is ideal if you would want the beneficiary to own assets held in the trust once they meet a specific requirement (such as reaching 18 years).
3. How Can You Change The Will?
Update your will to suit changing conditions. For instance, if you divorce your spouse, you would want to remove him or her from your will. You should also change your will when a beneficiary dies or when your financial situation changes. There are two ways to update the will. You could either attach a codicil to the will or destroy the old will and make a new one.
4. How Can You Prepare The Executor?
The executor is the person who implements your will once you die. He or she does not have to know the contents of your will. However, you can guide him on how to settle your debts and manage your property before transferring it to the beneficiaries.
Store your will in a secure location such as a safe or a safety deposit box. You could also leave it with your wills and estates lawyer. Your executor should know how he or she can access the will once you pass away.
To learn more, contact a wills and estates lawyer.
