Owning a property such as real estate brings much joy and happiness in a family. It is one way of ensuring your children have something good to inherit from you. Nonetheless, it can be a source of sorrow if succession is not properly done. No one knows when they would die nor does anyone wish to die quickly and leave the property behind. Property distribution is never easy especially if you want to do it in a will. Unless the property lawyers Parramatta has today help you in drafting the will, you may come to regret it later. Property lawyers help you consider certain aspects when drafting your will:
All your assets come into the picture right from the initial stages of drafting a will. Some of the things the property lawyers Parramatta has today may ask you to list in the will include firearms, musical instruments, antiques, collections, artwork, retirement accounts, investment and bank accounts and real estate accounts among others. The lawyers may also advise you to reflect on other property such as inherited items, jewelry, and photographs among others.
The type and amount of debts you owe others are of importance when writing a will. Debts include outstanding medical bills, personal debts, student loans, car loans, equity loans, mortgages, credit cards and other bills. The lawyers help you find out if the cash you have can clear the debts. If it can’t, the property lawyers in Parramatta would help decide on the property your executors would take to clear the outstanding estate debts.
Whoever should inherit your assets is of great importance to the will you want to write. After the debts have been cleared, whatever remains should go to the beneficiary of your choice. Deciding who the heir would be is sometimes tricky especially if you don’t understand property law. The heir should not always be your child or immediate relative. Heirs can also be organizations, institutions, or friends who have immensely added immeasurable value to your life. With the help of Parramatta property lawyers, you can distribute your property as a whole or in portions in a written will.
If there is any special circumstance that your executor would wish to address, you should spell it out. The lawyers would look at it keenly and decide on the next course of action. Such circumstances could be there especially if you have a child who has attained the required age to own a property but probably have a special need. If you wish to deliberately exclude any child or grandchild from inheriting the property, write it clearly in that will and state some reasons for doing so. If you don’t do so, the probate court may assume the omission was due to a typographical mistake or error. Here, convincing the court otherwise would not be easy unless competent property lawyers Parramatta has today intervene.
Most people have today embraced the need to write a will before they die. This doesn’t mean they know when they would die, but it would make succession easier and peaceful. People fight over the property if it was not properly distributed in writing. If you don’t seek help from the best property lawyers in Parramatta, you may write a will that won’t be effective in the succession process.