Planning an estate and writing a detailed will helps to ensure the future security of your assets and finances. The idea is complex, with many uncertain about how and where to begin.
For validity and legality, it is wise to search for an estate lawyer near you in Bardon, QLD, as the first step in the process. An attorney specializing in wills, probate, and estates can detail each step in readily understood terms, plus help as you attempt to "future-proof" your life's affairs. Go to https://www.lawyer-monthly.com/2020/09/5-questions-you-should-ask-a-lawyer-when-making-your-will/ for questions you should ask a lawyer when drafting your will.
Writing a will involves more than delegating inheritance. As you outline these details, you will be planning your affairs or estate, which could change several times over the course of your life, considering probate and assigning the roles of power of attorney and executor.
How does an estate lawyer define a "will," and what is the process of writing one? Let's consider wills and estates in simplistic terms.
How Is A "Will" Defined And What Is Involved In Writing One?
A legal document delegating inheritance once an individual passes refers to a "will." An inheritance would include property, finances, and personal assets. An estate attorney ensures the validity and legality of a will, encouraging you to keep it current to protect your wishes.
The document will introduce the beneficiaries to the estate preventing problems upon distribution. You will further assign an executor responsible for administering the estate's contents to the beneficiaries following your passing. This can be a person or an entity.
Each time you update your "last will and testament," a wills and estate lawyer will sign to validate the document canceling all versions created previously. These are destroyed by the court. A will cannot expire unless a current one exists with a legal witness and signature.
Upon passing, the executor, whether a person or institution appointed by you, will petition the court to be named the official estate's executor. Once selected, the executor will manage the estate, ensuring that your wishes are followed as written in the last will and testament verbatim.
A common mistake people tend to make with their will is compiling the details independently instead of consulting an estate attorney or following legal guidelines.
It is not a requirement to have a lawyer to establish a valid and legal will, but it is wise to have the document reviewed by a lawyer to confirm it is adequate and for keeping on record f or the future. Let's go over the steps in drafting a will a bit more in-depth.
● What Is Involved With Appointing An Executor
A primary component of a will is designating who will serve as the estate's executor to manage your affairs upon your passing.
When selecting the ideal representative, the recommendation is that an individual is younger but not less than 18 years old, someone you implicitly trust who is capable of such a massive responsibility.
"Reserve executors" should be designated. The primary you choose might have life circumstances rendering them incapable when the time comes, or perhaps tragedy will strike, taking their life. Some designated estate executors will simply not want the added responsibility and time commitment.
Any number of people can serve as executors, including your estate attorney or someone with will-related expertise. Open for details on wills and probate.
● What If The Contents Of A Will Need To Be Changed
Whenever you have life circumstances that bring significant changes, it is imperative to change the will's contents. These scenarios can involve:
1. The passing of a beneficiary
2. The need to change a specific beneficiary
3. The birth of a child could add to your beneficiaries
4. Divorce and remarriage
A "codicil" is a will amendment written as a separate document but created in the same manner and approached as you would with a will legally. Ideally, you will have your estate lawyer assist with the changes or, at the very least, review the document for adequacy and keep it on record.
● Can You Prepare If The Will Were To Be Contested?
It is possible for an individual left out of the will or beneficiaries unhappy with their estate portion to challenge the will's contents. In these cases, it becomes their responsibility to prove "undue influence" or that there was coercion at the time of the will's creation. Fraud is also a basis for challenging the contents. The parties would need to prove the following:
1. The person's actions result in them benefiting further from the will.
2. The misrepresentation affected your decision-making, particularly regarding how the will was created.
Some beneficiaries could feel slighted by the will's contents, or individuals left out of the document could feel you did so in error and place a claim against the record or "contest the will."
It is increasingly common for beneficiaries to be successful with their claims in the court system, where it is found as a "moral obligation" for the deceased to adequately "bequest" family members, particularly children.
What if extenuating circumstances led to the small gesture, and that is precisely how the deceased wanted it, thus the valid last will and testament? It seems wrong for a court to override an individual's wishes.
Final Thoughts On Estate Lawyers
When drafting and finalizing a will, it is to your benefit to have a local estate lawyer close to you in Bardon, QLD, working alongside you throughout the process. The legal professional in Queensland can then be called into question should there be a challenge to the contents helping to dissuade any changes from the written wishes.
The estate attorney professional will vouch for the validity and legality of the document and can speak for your state of mind when drafting the contents.
