Unfortunately death is one of life’s certainties, along with having to pay the correct amount of tax to the government. Indeed, if you are getting on in age then you should make sure you have written a will so that any potential complications do not incur in the future after you have passed away. Moreover, across the southern hemisphere country of Australia making sure that you have a meticulously drafted will is essential in order to safeguard your legacy as well as protect your loved ones from any potential legal entanglements. Likewise, in the absence of you writing a will, the distribution of your estate could potentially become a contentious and protracted legal affair, which could lead to family disputes or increased levels of emotional distress. However, by enlisting the services of a proficient wills and estate attorney in your local area of Australia you will be able to enjoy peace of mind knowing that your wishes will be honoured after you have passed away and your assets will be appropriately divided amongst your loved ones.
a. Divide your estate according to your instructions
To begin with, it should be stated that having a professional wills and estate attorney draw up your will can ensure that your estate will be managed according to your specific instructions. Moreover, by drawing up a will before you pass away you will be able to avoid the legal state of intestacy, the state of dying without a legally recognised will. This is a problem because it subjects your estate to the default rules of distribution as per the legislation that is in operation in Australia which may not align with your personal preferences. However, by enlisting the services and knowledge of a professional wills and estate attorney in your area of the country, you will be able to articulate your wishes clearly, ensuring that your assets are distributed according to your chosen beneficiaries.
- Minimise tax implications
Furthermore, ensuring that you have a well-constructed will could also potentially reduce the tax implications for all of your beneficiaries, ensuring that they are able to receive the maximum benefit from your estate. Similarly, Australian tax laws can often be complicated, particularly in relation to estate duties and inheritance taxes while by hiring an experienced wills and estate attorney who possesses the requisite knowledge in order to navigate these complexities you can ensure that the financial benefits for your heirs have been optimised.
- Ensure your estate is administered efficiently
Finally, ensuring that a trusted executor is appointed through your will can also ensure that your estate will be administered efficiently and in accordance with your wishes. Similarly, the executor will play a central role in managing your estate, from paying any outstanding debts and taxes to distributing your assets to the beneficiaries.
- Divide your estate according to your instructions
- Minimise tax implications
- Ensure your estate is administered effectively
Therefore, to summarise, the necessity of writing a will to divide your estate after you have passed away should not be underestimated, especially whenever you are considering the potential legal complications or intricacies that could arise in its absence.
