The significance of a Will

by Will Challenge Lawyers Will and Estate Lawyers Sydney

It may not seem essential to write a will. After all, this is something required by the kin or next generation and has some time. However, creating a will is not so simple as thought by many. Disposition of an estate is a topic that needs to be discussed well in advance and put in writing with at least two witnesses. Without having a proper will in place can lead to a number of issues and one has to take the assistance of will dispute lawyers to resolve them.

Now finding a template online is quite easy, they may not account for all of the details that go into the successful drafting of a will. Contest Will Lawyers NSW are trained and educated to be able to write an airtight testament that can prevent any kind of disputes after the death of will-maker or even resolves them later on.

Besides the basic question of who inherits the will maker’s assets, many other points need to be taken into consideration. Experienced will dispute lawyers can help determine the answers to the below-mentioned questions.

Who will be the designated heirs?

The first and most important issue, of course, is to name the heirs of the will-maker. In the absence of a will, the deceased’s assets go to the next of kin, with certain provisions and exceptions. These regulations vary from state to state and can be easily contested, so it is best to consult Will Dispute Lawyers to ascertain the estate’s heirs.

In many cases, the designated heir is the spouse of the deceased, with the children being next in that line. However, if required, certain restrictions can be placed on who inherits the property, with these restrictions continuing for many generations. This is known as entailment and can be used by experienced Contest Will Lawyers NSW.

Who executes the will? Lawyers can help

When drafting a will, it is crucial to designate an executor. This person should not be a beneficiary, since their job is to make sure that the deceased’s wishes are carried out as per the legal document. This decision should not be made lightly; the executor’s job could drag out for a few years and involves keeping a track of all the estate’s assets and their disposal. The executor is responsible for obtaining valuations of any kind of property to be sold, carrying out the sale, and distributing the proceeds in accordance with the will.

In addition, this person should be scrupulous about following the will maker’s instruction to the letter. Even if the directions seem unfair, they must be followed without any alterations to comply with the law.

What are the tax implications?

Nothing is really certain like death and taxes. However, taxes do not end even after death. If the estate is small, the tax implications may not be anything to worry about. However, if the deceased’s assets are worth a huge amount, then the estate may be taxed upon transfer to the heirs. This tax could be levied by both the state and the federal government. These tax regulations vary from state to state and can be tricky to figure out. The Will Dispute Lawyers can help determine how the assets should be distributed in order to minimise the tax implications as well as make sure that all applicable taxes are paid under the legal boundaries.

It is very easy to overlook the necessity of such a crucial legal document. However, a lack of specific instructions on the distribution of assets, especially if they are sizable could lead to the entire estate being tied up in an expensive and lengthy court battle. Avoid this eventuality by consulting with qualified Contest Will Lawyers NSW.