Getting Legal Advice on Wills and Trusts – What You Need to Know

If you are putting your life in order and you wish to look after both your assets and the people you love and care for, then it is a good idea to seek legal advice Adelaide on wills and trusts. It makes sense to create a plan and provide documentation to ensure that your hard earned assets are shared out in the best way possible according to your will.

If you are not married, or you have had a civil union, but want to leave your partner your assets, or want to specify mementoes for them to own, then you will need to put this into writing. The law will distribute your assets according to who is your closest kin by law if you haven’t written a will that supersedes these. It is essential to ensure that you have provided for your partner in this eventuality.

Alternatively, if you have been in a civil union or married and you’re no longer together, you may want to instruct that your previous partner receives nothing or less than they would have before.

Writing a will can protect your assets from extra taxes and costs, leaving the individual you’re passing it onto in a better financial position.

Even if you’re married or are in a civil union with no kids, and it all looks straightforward, you still may need legal advice on wills and trusts. Your asset disbursement can be contested, and judicial proceedings can eat away all your assets, and prolong the length of time before the assets are moved from your name to the people you would want them to go.

For some people, succession planning isn’t about writing a will, but it is also about establishing a trust that can look after assets regardless of your death in future, and protect your interests and those of your family from others who may have significant influence over the outcome. It can include the ex-married or civil union partners of your children.

We can spend all our lives building up our assets and creating something from what we were given from our inheritance or what we have worked for through education and from people who have inspired us. Protecting all that you have built so that your next generation can expand on it or pass it on again, is an excellent decision. However, this is only possible if you seek the best legal advice Adelaide so that you can know how you can effectively plan and write your will and trusts. There are many law firms with qualified wills and estates lawyers that will help you understand the process of writing a will. This way, when you’re gone, your properties will be left in good hands.