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.
If you don't have an estate plan, now's the time to take care of that. If you've been postponing your estate plan because you don't think you need one, think again. You might not realise this, but most people do need some type of estate plan. This is especially true if you own a home, have other types of assets, or have children. Unfortunately, if you don't have an estate plan, or at least a will, your estate could end up being divided in a way that's against your wishes. Or worse. Your entire estate could go to the government, especially if you don't have any next-of-kin. Here are some tips that will help you avoid mistakes with your will.
Don't Wait Too Long
If you've decided to wait until you're older to write your will, you need to rethink that decision. A lot of things can go wrong if you wait too long. If you wait too long, you may forget to write it all together. You may develop health problems that prevent you from writing a will.
Or, you may develop age-related issues that make it possible for your family to contest the validity of the will. This is especially true if your family feels that you were suffering from dementia when you finally get around to writing your will. To make sure that issues don't arise later, don't wait too long to write your will.
Include Funeral Plans
If the time has come to complete your estate plan and you need to write a will, don't forget to include your funeral plans. When you withhold your funeral plans, you leave those details up to your family. Unfortunately, they might not be up to the task, especially while they're grieving. If you have specific details that you want to include in your funeral, be sure to include that information in your will.
Keep Family Informed
If you wrote a will while you were younger, but you've revised the details several times since, share that information with your family. This is especially important if you've recently signed with a different estate planning attorney. Without that information, your family might rely on an outdated will, which could pose serious problems during probate.
Plan for Personal Debt
If you have substantial debt, make sure you account for that while you're planning your estate. You might not realise this, but any debt you leave behind will be taken directly from the assets you leave for your family. This is especially true where cash monetary assets are concerned. To protect your family, be sure that your will designates a separate account for the payment of your debts.
If you need help writing your will, talk to a wills and estate lawyer.