Armidale Lawyers: what you should know before making a will

Making a will is the best way of protecting your assets and your family. However there are times when people simply do not take these things into consideration until it is too late. During the first 30 or 40 years of our life we are simply accumulating and earning the money. You might buy a home or a new business or even invest in stocks. This is the time when you are building your assets. It is crucial that these assets are protected and passed down to the right hands.

Ensuring that your assets are protected is easier when you make a will and always keep updating it. While it may seem tough, it is an important task which should  not be avoided. There are so many surveys out there which shows that not even 50% of the people have a will or the power of attorney.

Getting Armidale lawyers to make your will

There is a difference between a will and power of attorney. The latter allows another person to carry out your legal rights for you in case you become mentally or physically incapable of doing so. There are two kinds of power of attorney, one pertains to your property and other to your personal health related issues. On the other hand a will spells out what is going to happen to your estate after your death. You can make provisions for all your children or the family in your will.

How does it all work?

When making a will do consider the following issues:

• After your death your estate would be managed by an executor. He would be responsible for allotting parts of the estate according to the will. They would ensure that everybody gets their fair share as has been mentioned in the will and would also make sure that all your debts are paid off. It is important that you choose a reliable person as being the executor of the will.
• For any children below the age of 18, it is necessary to name the guardians. These people would be the custodians of the inheritance until the child is an adult. Again these individuals should be considered with deliberation. They are supposed to be the trustees and should be reliable.
• There are certain things which might complicate a will. For example people who would own shares of private corporations would need to make a will more carefully. Also those who have had second marriages or have blended families also need to make the will after a great deal of careful thought.
• It is important that you deal fairly with your children and dependents. It doesn’t mean that you have to share everything with them equally. Instead of doing everything on your own and making mistakes it is better to hire a professional to help make the will. A lawyer would help you get financial advice and they would also provide you with valuable insight regarding your estate.