Hello, my name is Robin and I own a medium sized business which is based in a suburb of Perth, Australia. Many business owners do not understand the importance of commercial law on their operations. I know that I certainly didn't when I set out. At first, this wasn't an issue but as my business grew, I realised that if I didn't teach myself about the legal rules in place and seek expert help, I would find myself in serious trouble. I got in touch with a great law firm who helped me to understand exactly what I needed to know. I decided to start this blog to help other business owners.
Do you have a will? Most adults don't like to think about preparing a will, as chances are that very few people relish the idea of preparing for their passing! However, making out a will is a responsible thing for a person to do; even for those who don't have children, a business and the like, it's still good to have a will and have a lawyer prepare that will. Note why that is, and how it can benefit you and your heirs after you're gone.
Understanding that even a small estate can land in probate court
If you don't have a will, don't think that your estate is too small to wind up in probate court. Even if all you have after you're gone is a bank account with a few thousand dollars, this can still need to go through the courts to be reviewed and then divided among your children, your surviving spouse, and others, if you don't have a will stating your wishes. Probate court can take weeks and months, depending on their schedule and docket, leaving your heirs without access to those funds in that time. Rather than thinking that you don't have enough money or property to worry about this type of delay, have a lawyer prepare a will so you know your family will receive their funds as quickly as possible.
Objecting to your will
People have the right to object to a will, and for reasons that may surprise you. This can include questions about your signature or the signature of those who witnessed the will, whether or not you were coerced into signing the will or if you were not in your right state of mind when you made the will. You may not think anyone in your family would ever question your wishes, but having an attorney prepare a will can reduce the chances that someone would object to it and, again, your estate wind up in probate court where it's reviewed and analysed.
Knowing your responsibilities
What you say in your will is usually the final say over how your estate is disbursed, unless you have debts to pay or those for whom you're legally responsible when it comes to financial support. Never assume that you can state something in your will and this will supersede the law; an attorney can tell you how certain laws may affect your estate and your wishes, and ensure that you're taking that into account with your will or can manage certain financial affairs before your passing, as needed.