What are the consequences of not having a will

May 16, 2023    Probate Lawyers Perth
What are the consequences of not having a will

A will secures your property or other important assets. Under the guidance of probate lawyers Perth, it lets you decide your wishes regarding the separation of your assets. You can choose which of your heirs is going to get which part of your property.

If you fail to plan it successfully, it may raise disagreement among your heirs. It would also prevent your wish from being carried out. Thus a will is a crucial document to settle the inheritance issues among your children.

To know more details surrounding a will, you can read the blog. You will also find the consequences of not having it and its impact on your heirs. In such cases, the lawyer can be an exceptional ally to help you resolve your issues.

What Is the Purpose of the Will?

It is a legal document that directly mentions your wish for the division of your property and assets among your descendants. It also includes the care of your dependents. In simple terms, you can decide whom to grant the responsibility of your minor child after your death.

Save Time for Your Heirs

If you can set up a will beforehand, it would be beneficial for your heirs. You can protect your loved ones from roaming around the court and lifetime for a result. Your inability to create a document would create distress for them. The process can be costly and time-consuming. By setting up a will, you can eliminate such tantrums.

Determination of the Responsible Heir

Undecided will result in a legal settlement of the matter. The court makes the decision based on witnesses and other qualities. But no one would know the way you know your child. Handing your assets over to the irresponsible one would be an apocalypse. You can choose the most responsible one to manage your assets by setting a will.

Taking Care of Your Children

In case you have minor children, you have to decide the perfect parent for them after your death. The upbringing, education, and future of the child totally depend on it. The wrong hands would fail to rear your child the way you have wanted. The will serves the purpose of giving your child a safe home.

Home for Pets

Most people do not differentiate pets from their children. Providing your pet with the correct shelter is also very important, as it is your child. With the help of the will, you can leave them with a reliable family or person.

Preserve Your Digital Assets

Digital assets refer to bank accounts, credit cards, or others. In case you have a joint account, after your death, the survivor is likely to be the end user. But with a will, you can change it. You can choose an executive to preserve your accounts. You can set it for whomever you want to.

Eliminate Family Dispute

The purpose of a will is to avoid the dispute in the family. If you primarily divide the will, all your children will be satisfied with it. You can discuss your wish for property division with them and infer a statement in the document. It would reduce the chances of family disputes in the future.

Distribute to Charity

You can leave a legacy after your death by preserving some of your estate for charity. You can decide it on a will. Other than settling the division of assets for your loved ones, you can also distribute them in charitable organizations, NGOs, and other programs.

Collect Your Peace of Mind

Making a will would ensure your peace in old age. You can worry less about your precious assets, property, and estate. You can preserve them for the most responsible heir of yours. Your child will get to the safe hands. You can peacefully enjoy your advanced years.

A single will serve a long list of purposes. There is another benefit of setting a will beforehand. You get to choose your most preferable estate planning lawyer. They help you plan your setup exactly as you have wished. They would also allow you to accomplish the execution of making a will and applying it without any inconvenience.

What Is a Will Probate?

The judicial procedure of transfer and analysis administration regarding the previously owned estate assets by a deceased person is called probate. The following are the importance of having probate.

  • It legalizes a will or the will executor.
  • It transfers the property in the name of the mentioned person
  • Your heir must show the probate in order to inherit the asset mentioned in the will.

Probate is the after-process of a will. Your heir can search for a probate lawyer near me to create probate and get their property transferred quickly. Even if the will is decided beforehand, without valid probate, it would be difficult for your loved one to receive the property.

They are going to need legal support from an experienced lawyer to collect all the valid documents. They can only apply for probate after seven days of your death. But without a will, the process would be much more hectic.

What Are the Possible Consequences of Not Making a Will?

As mentioned earlier, probate is only possible with a legal will. There would be no security of your assets. It can raise disputes among family members. Any minor child can be put in danger. The following are the consequences of not having a valid will.

  • If you have a partner, they can lose their home.
  • Your children can engage in family disputes.
  • The decision-making for the property division would be extremely expensive for them.
  • It can make your children suffer.
  • The taxation rate can increase.
  • Your beneficiaries may not go into safe hands.
  • The most responsible child may not get part of the responsibility.

These possible consequences can be devastating for your assets. Other than your estate, it can restrict the deserved upbringing of your child. They cannot have the correct education and fail to live the life that you have planned for them.

The constitution of a will is thus exceedingly important to secure the life of your children. Family disputes caused by unsettled inheritance can be destructive to your legacy. They can even end up losing everything. High court charges, increased taxes, and other issues can incur with them.

Thus, contact a lawyer today to ensure valid estate planning. Discuss your wish regarding it and collect their fruitful advice. There are a few applications that you need to do before you apply for a will.

What Should the Will Include?

You can submit your will in a hand-written format or type it. You need to input-

  • Your personal details
  • Family details.
  • Property details.
  • Bequeath details
  • Details of witness.

You have to give the information very specifically. To avoid misassumptions, try taking the help of a lawyer when you draft it.

Bottom Line

In conclusion, the consequences of not constituting a will can be very daunting. It can raise so many problems in your family and end up destroying the value of your will. It would always be better for you to create estate planning under the guidance of best will lawyers Perth. Their help is the affordable solution to draft an effective will.

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