Are you looking to write your will and estate plan? First off, you can make this process a lot easier by hiring a wills and estates attorney. However, that doesn’t mean you can’t do it on your own. If you have all the time in the world, then drafting wills and estates Perth is doable. However, there are certain things that you should know for you to prepare a will and an estate plan on your own successfully. Here are four things that you should know before making your draft:
What’s the Difference Between a Will and an Estate Plan
Most of the time a will and estate plan get thrown around and are even considered to be interchangeable. However, this is a misconception. An estate plan is a legal document that states all of your assets and properties and who you will transfer it to after you die or is disabled. A will is a part of an estate plan. It’s a personal note that states smaller properties and belongings, as well as obligations and who will be receiving them. So while they are both different documents, they are also related to each other.
What Happens When You Die Without a Will?
If you die without any value will or estate plan, your estates will be settled based on the last of the state where you reside. The local state judge will be the one to outline who inherits your assets and properties. Also called dying intestate, the worst thing about it is that the government can take your properties and your inheritance or family will have a hard time taking it back.
Do You Need an Attorney to Prepare Your Will
Not technically. But you will need one to make sure that your documents are legal. An experienced lawyer can also offer expert advice when it comes to drafting wills and estates Perth. So at the end of the day, hiring a lawyer isn’t necessary; but they can provide valuable help to you if you do consider hiring one.
Should My Spouse and I Have a Joint or Separate Will?
Every estate planner will almost always advise against joint wills. Some states don’t even acknowledge this concept. The odds are you, and your spouse won’t die or get disabled at the same time. There’s also the probability that some properties that aren’t jointly held. While some states accept it, a joint will is completely senseless. It’s better that you and your spouse have separate wills instead.
So there you have it – four essential things that you need to know before drafting your will. If you do feel like you need an attorney by your side when drafting wills and estates Perth, don’t hesitate to call our hotline.