A last will and testament are one of the most critical documents in a person’s life, yet it is one that is typically overlooked. In countries like Australia, research revealed that around 45% of Australians do not have a last will. Many believe it is “too soon” to be thinking about passing away, and their will is something that they can worry about in their later years. However, it is important to plan and ensure your family, especially your children, are well taken care of should the unforeseeable happen. You have the option to draft your own will, but the professional advice of a lawyer specializing in family law would come in handy. Here are some important things to answer when planning a last will:
Who Takes Care of Your Children
It may be hard to think to have to leave their children behind, but it is something that is beyond anyone’s control, and the best thing a parent can do is to assign the best person as their guardian. While many entrust their children to family and relatives, some want close friends to look after them. Parents want someone who loves their children like their own and knows that they will be taken care of even when they are no longer around. Having to leave young children will mean the guardian will have access to the parent’s financial assets, to take care of the kid’s needs such as tuition, food, healthcare, among many others. Your lawyer will be able to guide you on how to manage this effectively.
What Happens to Your Property
It may not be apparent at the moment, but even happy families still develop disputes and arguments when it comes to inheriting properties and estate. A will is a legally binding document that seals the passing of ownership of your properties. With this in place, there is less to no quarrels between family members on who gets which or what property. The absence of a will eliminates the surety of the people you care about getting what you wanted them to have.
Leave a Legacy
Those who have always been passionate for charitable causes can leave part of their estate to chosen institutions. Even when after they have passed, they can help others live a better life. This could be leaving a significant amount for cancer research, putting up a school for homeless children, or anything that had always made their hearts full.
People live for their loved ones and passion, and there is a way to look after them that is legally binding. Ensuring their welfare and having a last will is part of a responsible and strategic estate planning. If you’re still unsure how to go about it, you can always seek the help of a legal advisor to guide you. The research comes handy when it comes to drafting a will, and it’s important to make it detailed and go over it a few times with your trusted family law attorney until you are satisfied with the final document.