What are wills and estates? It is the question that many of us ask as we contemplate passing down the legacy to our children, grandchildren and great-grandchildren. Sadly, this is often an uncertain concept, at best. The Internet is loaded with articles, blogs, Websites and online classes on what is wills and estates Adelaide? But how do we really learn the answers to these commonly asked questions?
A will is simply a legal document that establishes the specific intent of the testator. In most cases, a will is used to express a desire that one asset is transferred to someone else on some future occasion. A will may also express an interest in transferring assets to family members, a trustee or an organization such as a church.
There are different situations where one or more assets need to be transferred in the future. Life situations often call for the transfer of valuable assets to families with the expectation that they will continue the individual’s life. For example, the parents of a newborn child could use a will to specify that the infant’s estate is transferred to their family in the event of their death. Another common situation requiring estate planning is the same family estate being divided between two or more generations. In this case, the surviving generation could use a will or trust to express their desire that property is divided among them.
The difficulty in answering the question, what is wills and estates Adelaide? is that there is no simple answer. Each situation requiring a will or trust is unique and may call for the use of a personal attorney, a trusted accountant or a title company or estate planner. In the end, it really depends on what is wanted, what the value of the assets will be in the future and who is named to the will or trust. If there is already a valid divorce decree, there are certain state probate laws that will dictate what is needed.
Will owners must also decide how to appoint managers to ensure that the process goes as planned and that their intentions are legally recognized. The effectiveness of the will or the appointment of managers will depend upon the actual value of the assets owned within the will or trust. Some people may want to assign some or all of their assets to a trust, while others may want to have the will set up to specifically name a specific family member as beneficiary.
Will owners should be aware that even if they do not use a will or devise to establish the conditions of their estate, their decisions can still be challenged in court. A creditor may challenge the provisions of a will or the entire estate if the stated conditions of the will are not met. This is why, when it comes to what is wills and estates Adelaide? It is best to consult an estate planning attorney who has experience in these and other areas of estate law.