The Role of Your Will in Planning YourEstate

As many people no doubt already know, a Will is a legal document which a person can create to help make sure that when they die, that their belongings and other assets are legally distributed to the persons they nominate as recipients. It is a means to ensure that your valuables, property and wealth are fairly and correctly shared amongst those that you care about, and it also ensures that the Government does not received more than it is entitled to.

With an abundance of local wills and estates lawyers Brisbane residents are well positioned to make certain that the people they have a responsibility to, such as family, friends, loved ones, former lovers, children, even estranged children, and organisations such as favoured charities and causes safely receive the monies or assets that you wanted them to get, when you are no longer around to make sure that they do.

To successfully create a legal and binding Will it is imperative that you nominate a person that will be responsible for the administration of the Will and its contents, after you’ve passed. In Queensland Law, it is the responsibility of the Will administrator to ensure that your estate is allocated and distributed in accordance with your wishes. They become responsible for your assets and therefore will be required to act in your interests, as your legal representative, to ensure that the people you have identified in the Will who will inherit some or all of your assets, successfully received their entitlement. The important of this administrative position should not be considered lightly. All too often legal Wills are challenged in a court of law by disgruntled family members who don’t believe that they are set to receive the full extent of the assets that they are entitled to. When a Will is challenged in this regard, it is the role of the Executor to make decisions on your behalf, and being a legal matter this can of course take time and considerable expense before a satisfactory conclusion is reached.

When someone dies and they haven’t created a Will, this can often cause great difficulty and family trauma. Not commonly known is the fact that if a Will hasn’t been produced, in many countries the Government levies a larger taxation on the deceased person’s estate. This means that a considerably larger portion of an estate is legally entitled to the Government, therefore the remaining family members receive a lot less than they expected to inherit.

Various predicaments that regularly arise even when there is a Will in place, include claims by people written into the Will who believe that they haven’t received their full entitlement. Claims like this can in-fact lead to decisions that a Will hasn’t been properly executed and is therefore invalid.

Fortunately Australia doesn’t have an estate or death-tax, yet there are many other rules that apply to the persons or causes that inherit from a deceased person, and they can still be taxed by the Government depending on what they decide to do with their inheritance. The best advice we can give it is to avoid leaving your loved ones in this scenario is to speak to a reputable specialist and create a Will.

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