Wills and estates are designed to last forever, making them one of the most important assets for your living dependents. Your will is a document used to prove your intentions, stating what you want to be done with your property and who should benefit from it after you die. A will has to be written in plain language and must include all of the information your agent would like it to. It can also be a legal document that names your agents, provides the conditions under which they can carry out the wishes contained within it and provides for the removal of your assets when you die.
There are two essential criteria your will needs to fulfil when writing Wills and Estates in Adelaide: being both simple and legally valid. Simple, as in “I do not wish to pay any taxes on my estate”, dictates that there are no restrictions on who can make changes to the contents of the will or who it can be named as having authority to perform the duties of the testator. For example, my wife will never name her children as co-owners of any property, nor will it say who can collect her debts. Legally valid, a will must comply with all applicable laws.
The state you live in may have different requirements on wills and estates than others. In California, for example, the person who will administer the testator’s estate must be a resident of that state and must be a registered member of the California Probate court. All other states require that the person performing the testator be an adult who is not prohibited from receiving an estate when that person dies.
When executing a will, it is advisable to ensure that minor children receive their inheritance even if their parents have already died. If a testator has minor children dependent upon their parent(s), they may receive less than what their parents would have received if they’d lived a long life. If your minor children are financially dependent upon the deceased, they can potentially obtain the entire estate, including the money and property accumulated during their lifetime. Minor children can also be entitled to damages under the Estate Recovery Act. Again, the will should comply with all applicable laws.
There are several types of Wills and Estates in Adelaide. The most common type is a testator’s will. This form provides instructions for how the property and financial assets will be transferred upon their death. If an insurance policy or retirement account is part of the estate, the beneficiaries can receive these funds before death. A revocable living trust is another option.
Many people hire an estate planner to help them create a durable power of attorney and will documents. Estate planners can provide advice on creating the proper documentation. They can also assist with the entire process of doing the necessary paperwork to execute wills and establish trusts. Estate planners can also assist with state and local estate planning requirements. If you decide to utilize the services of an estate planning attorney, make sure you choose someone with extensive experience in these areas. You will find that the fees for this service may be high, and it may require that you appear in court to finalize certain aspects of your plan.
Wills and estates have been around since the time of our ancestors. Understanding the common terms used to describe them and how they affect wills and estates can help alleviate some of the stress associated with these documents. Estate planning lawyers are a good resource for more information.