The Will – The Path to The Future

If you care about the persons in your life, there are many things you will do during the course of your life to better their lives. As a person who provides, love, friendship, income, savings, housing, food, clothing and emotional and material assistance, your friends and family may rely upon you more than you think.

What you do and how you handle your will reflects the care and planning that you have always provided. Unfortunately, the failure to provide a will can lead to confusion, internal disputes, serious tax repercussions and destruction of the very relationships you have strived to build and protect.

These occurrences take place when a will is not in place and decisions about your assets are left to the discretion of the judicial system. The court system rarely sees life or your life's work the way you do. The judicial system of disbursement is based on law, not on need, personal preferences and sentimentality.

Individuals, who do not have a will, actually add to the emotional and financial stress that will follow their demise. It is sad. Regardless of the sise of your estate, regardless of your age or time of your life, it is time to create your will. You and your family and friends will be protected. The steps you take today will assure that your wishes are followed and that your estate is protected against unnecessary administrative fees and a drawn out expensive settlement.

Doubtless, the composition of your estate will change over time. That is only natural. In fact, your personal circumstances and your personal relationships may also change. That is part of life. The good news is that your will can be changed to reflect these changing life patterns. But, you have to start somewhere.

Certainly, nobody plans on dying. Most people don't like to think or contemplate their death. However, we all spend time planning for the future. And, every good plan allows for the unexpected. Don't leave your family and loved ones in a quandary. Draw a legal will today and update the contents regularly. Your family may not want to think about your death, but if something were to happen, there will be no disputes, no prolonged court appearances and no unexpected tax liabilities.

When a person dies without a will, the court has the full authority to make all decisions regarding the estate. Some property may pass directly to your spouse or other persons as detailed in trusts, but the majority of the assets in your estate will be managed by the court. This can be a contentious process and one that is easy to avoid.

The court will not take into account the most advantageous tax circumstances and will charge expensive administrative fees that are the obligation of the estate.

Your will is your chance to set the record straight. A minor amount of planning can maximise the value of the estate and decrease the tax liabilities. Your loved ones will be protected in precisely the manner you intend. You are never too young or too old to protect the ones you love. Create a will today so your loved ones can live tomorrow

The Importance of Writing Your Will

We have all seen the unhappy results of seemingly harmonious families dealing with the death of a loved one and the subsequent chaos over the unstated distribution of the deceased's assets and personal possessions. The ensuing events can involve legal actions, unnecessary expenses and worse yet, irreparable rifts between family members. Some families never get past the damages caused by the deceased's failure to properly draw and execute a will.

The results are contrary to the deceased's wishes and the related legal fees and court costs greatly diminish the value of the estate. Heirs are rightfully trying to read between the lines. They do their best to determine what the deceased loved one would have wanted, but they never seem to agree.

This sad occurrence is the setting for many movies, books and stageplays, but it is painful to watch and endure. Worst of all, it is completely unnecessary.

The preparation and proper execution of a will is an opportunity to settle your estate while you are alive. This is your chance to set the record straight and avoid needless squabbles among heirs in the event an unexpected fatality occurs. The purpose of a will is to eliminate misunderstandings and assure that the precise wishes of the deceased individual are followed.

Many persons feel their estates are not significant enough to merit a will. This is definitely not the case. Regardless of the size of the estate, the probate court will administer the distribution of assets unless a will exists and a court-appointed executor will be paid by the estate, thus diminishing the estate even further.

A proper will appoints the executor, avoids court appointed costs and sets a distribution plan that complies with your wishes. As we never know the course of our lives, it is never too early to create a will, which can be amended as one's life unfolds and changes. The creation and execution of a will does not alter the way you conduct your affairs or buy, sell or distribute assets while you are alive. The will simply protects the ones you love and helps them avoid conflicts after you have died.

Today, there are cost-effective online legal will creation services, that can help you organise your thoughts about your estate and prepare and legally record your will. The process is simple, non-invasive and once recorded reaps tremendous peace of mind to you and your heirs. Wait no longer! Draw your new will today and then enjoy the life ahead.

Creating Your Will, Living Will or LivingTrust Made Easy!

Wills, living wills and living trusts are essential documents that provide peace of mind and resolution to your overall estate planning. While each document serves a different and specific legal purpose, everyone should be familiar with these instruments.

You have worked hard to protect your loved ones. The proper use of these three legal instruments will make sure that your loved ones are not unduly burdened in the future and that there is no confusion about your estate. Creation of your will, living will or living trust will protect you, your loved ones and your estate while assuring that your precise wishes are enacted upon your death.

To begin protecting your estate and planning for the future, you should become familiar with the intent and legal purpose of the will, the living will and the living trust. When you understand the significance of each document, you will be prepared to select the document or documents that best suit your purpose.

In this day and age, it is virtually inconceivable that each individual does not have a will and a living will. The living trust is practical but the use of the living trust may depend upon the composition and scope of your estate.

The Will – The will is a legally binding document that contains information about your estate. The will generally identifies assets and sets a specific course of distribution of those assets upon your death. The will can also establish a legal guardian for specific minors and define the terms for future distributions to those minors. In the will, you will have the opportunity to specify the future payments of debts, funeral expenses and any outstanding taxes. Many persons use the will to legally designate an executor who will be responsible to administer your wishes. Regardless of the size of the estate, every individual should complete and file a will. This avoids the potential of confusion upon your death. Creating and filing a will is a simple and inexpensive process that can save a great deal of emotional stress among loved ones in the future.

The Living Will – The living will is an important legal instrument that expresses and clarifies your precise instructions should you ever enter a prolonged medical condition. The living will notifies loved ones and health care providers of your specific wishes and instructions. Common issues addressed by the living will include instruction for resuscitation, blood transfusions and life support decisions. The living will allows the individual to set personal instructions about these difficult but inevitable decisions while relieving loved ones from making decisions that may not comply with your wishes. In today’s world, health care providers have become insistent about the creation and use of a living will. Again, the living will is inexpensive to create but serves an important legal purpose.

The Living Trust – The living trust is another legal document that authorizes a trustee to administer all affairs about your estate. This can include liquidation, distribution and other conditions specific to your instructions. One advantage of the living will is that it circumvents probate court. Once the trustee takes control of the estate, the trust is negated. The creation of a living trust does not negate the need for a living will, or even for a will as the living trust only applies to the assets specified in the document.

Whether you decide to create a will, a living will or a living trust, the presence and location of these instruments should be made known to your loved ones. Documents of this nature should be preserved in a safe, dry location. Many persons keep copies and store originals with an executor, trustee or attorney. While you may want to consult with an attorney to make informed decisions about which documents will best serve your intentions, it is not necessary to retain an attorney to draft the documents.

To create a solicitor verified legal will, everything you need is available at Legal Will Online. Use the easy-to-use, easy-to-access service to legally create the document or documents of your choice. When it is convenient, feel free to review the instruments with your attorney. Create your will, living will or living trust and relax. You have done everything you can for your loved ones. Now is the time to enjoy them!

Superstar Fatalities Highlight Need for Will

It may sound trite but the recent wave of unexpected superstar fatalities, including Michael Jackson’s untimely death, point to the need for a legal will. Regardless of age, marital status or size of the estate, drawing a will makes a lot of sense and can simplify the estate issues in the event of a surprise fatality.

The turmoil surrounding Michael Jackson’s $1 billion estate and the protracted litigation surrounding Australian rock star Michael Hutchence’s $20 million estate demonstrate the emotional stress, inflated costs and confusion that can arise from improperly filed and updated wills.

Creating and filing a will is all about stipulating your wishes clearly, concisely and in sound legal format. A proper will eliminates family squabbles, creditor complaints and assures that the wishes of the deceased party are identified. Basically, a sound will outlines a footprint for the legal system to administer in an orderly manner.

Scott Whitla, a partner with McCullough, Robertson Lawyers in Brisbane suggested that Jackson’s will, which was reportedly last visited in 2002, has created a legal nightmare. “His mother, Katherine has already challenged the will’s executors and creditors are waiting in the wings,” offers Whitla. Of course, with each legal battle the assets of the estate are further diminished and the chances of events unfolding the way Jackson has envisioned become less and less.

Unfortunately, legal confrontations over estates are not limited to superstars. Issues of inheritance, custody and administration can be resolved with a properly drawn and recorded will. Wills can be adjusted in later years so the individual can make adjustments as family situations change.

“Careful thought must be given to what you own and how you own it and your wishes and intentions must be balanced against the needs of your surviving family members,” said Whitla.

Dying without a will can raise serious issues, as family members tend to want to interpose their wishes as opposed to the legal process for estate distribution without a will. The individual drawing the will should always consider tax implications when making final decisions.

Despite legally establishing a footprint for distribution, the will is easy to amend as the need mounts. However, a person’s will should be reviewed periodically to assure accuracy.

Where should I keep my will?

Keep your will in a safe place. If the will is misplaced, it may be presumed to be null and void. Solicitors often hold wills on behalf of clients. Usually there is no fee for this service. You should keep a copy of your will and note on the copy where the original is stored.

If you are creating your own will by using an online service, or kit, we recommend using a professional legal document storage service like Will Store. Will Store specialises in the storage of Last Wills and Testaments, which are stored in fireproof safes.

Some of the benefits and services are:

• Storage in Fireproof safes.
• Notification to your Executors of where your Will is stored.
• Yearly contact regarding updating your Will.
• Notification when you have updated your Online Will but have not provided a new copy for storage.
• Assistance for your Executor.
  

Using this type of service ensures extra peace of mind knowing that your Will is stored safely and securely.

You should always advise your executor where your will is stored. Any personal administrative instructions for the executor can be relayed in a letter of instruction.

Can I alter my will if I change my mind?

Yes. You may alter your will at any time. If circumstances change, you can and should alter your will. However, you cannot simply make an alteration. All alterations or modifications must be documented legally.

If the alterations are minor, you can make a codicil (a separate document in which you change a provision in your will). However, it is usually safer to make an entirely new will. Like the will, a codicil must be signed in the presence of two witnesses.

How can I make sure my wishes are carried out?

Each valid will should appoint an executor or a person designated to administer your estate after you die. More than one person can be named as executors. You can choose anyone to be your executor including your spouse, relative, friend or your Solicitor. You should first ask individuals if they are prepared to take on the administrative responsibilities.

Being an executor is a responsible position. The executor must obtain probate of the will and administer payment of any tax liabilities, debts or expenses before distributing the balance to the beneficiaries named in your will. An executor who is not a beneficiary may apply to the court for payment for his or her work as executor.

What is a ‘valid’ will?

A valid will is one that has been accepted by a court and put into effect by a grant of probate. To be valid, your will must be:

• In writing – handwritten, typed or printed.
• Signed – ideally your signature should be at the end of the will.
• Witnessed – two witnesses must be attest or acknowledge your signature on the will. These witnesses must also sign the will in your presence. These witnesses do not have to be present together at the time they sign.
  

If your will is not made in this manner it may not be enforceable. The court has the authority to grant or not to grant probate (confirm that the will is valid). If the will is not probated, your property could be distributed at the discretion of the court. The court must comply with the distribution set forth in a properly executed will.

What is a will?

A will is a legal document that names the persons to receive your property and personal possessions at the time of death. These persons are called beneficiaries.

Your property and possessions include all your tangible and intellectual assets and personal property. Your real estate holdings and interests, automobiles, cash in bank accounts, insurance policies, equity shares, jewellery, pictures, furniture and other personal property are included in your estate.

Making a will is the legal way to ensure these assets will be distributed according to your stipulations.

How Does a Solicitor Checked Will help me?

Having a solicitor check your will is in your best interest because the solicitor will:

• Assure the validity of the will and that it is properly drawn, signed and witnessed.
• Clarify that your wishes are precisely expressed in the will.
• Advise you regarding adequate provision for your spouse and children, or for any former spouse or any dependants.
• Advise you as to any possible liability for capital gains tax, which might result from provisions you have made in your will.
• Advise you on choosing an executor and on the executor’s right to be paid for his or her time and trouble in administering your estate.
• Advise you on the best way to arrange your affairs.

Legal Documents Online offers optional Solicitor Checked Wills. Have your Legal Will personally checked by a Solicitor. Just complete your Legal Will online and at the end of the process, you will recieve an option to submit your Legal Will to an associated solicitor.

One of our Solicitors will contact you by phone within 2 business working days to discuss the final drafting of your Legal Will.

This service is ideal for those with comprehensive Legal Will requirements, children from previous marriages or those who just want that extra peace of mind of individual solicitor approval.

Should I Have A Will?

Yes, you should have a will. You have spent a lifetime building your portfolio. If you are concerned about who will receive your assets and personal property, you can determine the rightful recipients by creating a will. A will protects your family and loved ones and assures that your assets are distributed according to your instructions.

If you are married with dependents, a will is still necessary. In the event of a tragic double fatality, the older spouse is considered to have died first. The younger spouse automatically inherits the older spouse’s assets. If the younger spouse does not have a will, the assets will then be distributed based on a court determination.

What Makes a Valid Will?

To be able to be put into effect and recognised by a court of law, the will-maker/testator must be mentally competent, and the will must be:

1. In writing (ie on paper),

2. Signed at the bottom by the testator (you), and

3. Witnessed by at least two people. The testator and the witnesses must all be present when the will is signed.

It is important to remember your witnesses cannot be beneficiaries of your estate or married/de facto to a beneficiary of your estate and they must be over 18 years of age.

How to Write A Will: Other Considerations

In this third part, we'll go through some of the things you should consider and other common terms you will come across.

Legal Will - Marriage & Divorce
Marriage revokes/ cancels a will. Thus, a new will should be arranged soon to include and provide for your spouse. On the other hand, revocation of wills due to divorce varies in different states. In some states, any previous will is automatically revoked, while in others, divorce has no effect.

Legal Will Age
The legal age in Australia is 18. Once a minor reaches this age, he/she is granted certain rights and privileges such as making a will.

Legal Will - Mental Competence
A sound mind is especially essential in making a will. Mental competence and contractual capacity demonstrates that you are aware of your actions, that you know you are executing a will, and that you know your property as well as your family and descendants. A doctor’s assessment of your competence may also come in handy at the time of signing the will if in case unhappy and discontented beneficiaries will argue over the contents of the will.

Legal Will - Providing for Your Children
If you die and have children of minor age, it is usually your spouse who will be appointed the legal guardian of your children until they reach the age of 18. If in case, there is no surviving parent, you have the right in your will to state whom you want to be the guardian of your children who will provide an equally bright and excellent environment, education, and guidance for your children. The guardian should of course be someone you ultimately trust and whom you can discuss your plans for your children and be prepared to assume this responsibility.

If you die intestate, any person with a sufficient interest can apply for the guardianship of your children. This person may not be the one whom you really wish to look after your children. In addition, your will can also have special provisions to ensure that your adult children’s financial needs are met and funds for them are spent prudently. If you make a will, the satisfaction of knowing who you appoint for such sensitive things will let you have a better sleep.

Legal Will - Distribution of Property

Distributing of your property after your death and making some provisions are the primary objectives of a will. Here are some points that you need to put into mind when distributing your properties and assets:

• Make proper provisions for your spouse, children, or ex-nuptial children. The Family Provision Legislation declares that family members and dependants of the deceased who are left with inadequate provisions in a will may apply to court for further provisions from your estate.
• Divide your assets fairly and judiciously. An unsatisfied beneficiary may decide to contest the will in some cases.
• If you decide to exclude one or more of your adult children of your properties, it is wisely advised that you seek a professional legal counsel.
• Review your will every couple of years to ensure that it still characterises your wishes and desires, like:


• You might get married after making your will, which will in most circumstances revoke your current will;
• Your spouse may have died or you may have divorced; or
• Your assets may have altered significantly or you may no longer own assets left to beneficiaries.

Write Your Own Will

Writing your own will makes sense. Writing your own will makes a positive statement about your intentions and assures all family members and friends that your wishes are clearly stated and sets a chart for accomplishing your wishes. Creating a will with the help of Legal Will's online creation service gives everyone peace of mind.

Writing a will is as much about living as it is about dying. Clarifying your intentions for your estate not only provides you with peace of mind but allows you to put structure to your estate. Use Legal Will to assure that the results of your hard-earned efforts will be distributed precisely the way you want.

While writing your own will may seem complicated and a process wrought with typical legalese, we keep it simple, inexpensive and practical. Regardless of the size of your estate, writing your will through our service will protect the people you care about and will assure the specific distribution of your assets to the people of your choice.

The estates of persons who die without a will enter that unpredictable realm called intestate. Assets in intestate estates are distributed at the discretion of the court and in accordance with the laws of the governing body where you reside. Unfortunately, this court-determined allocation may not reflect your wishes and can frustrate the people closest to you.

Legal Will was founded to assist people like you. In the event of your untimely demise, a Legal Will actually helps relieve your family members and friends of the burden of contesting the distribution of your assets.

It is never too early to plan for your death. In fact, knowing your estate is properly accounted for may well reward you with a sense of accomplishment. Let Legal Will.com.au help you write your will and get on with living life to the fullest.