When is the Best Time to Prepare Your Will?
Most people see the act of making a will as staring at the end of their own mortality. However, what most don’t realise is how important it is to have your will prepared, especially when they are still young. Those that do often wonder when is the appropriate time to start organising their affairs. Usually, there are several trigger events that signal it’s time to meet a professional about will preparation in Perth. Marriage Events that reflect significant changes on your relationships and your beneficiaries such as marriage and divorce are one of the best reasons to start making a will. When doing so, be sure to include or remove your spouse to reflect the beneficiaries you want in your will. Wills that were made before marriage can be automatically cancelled upon marriage unless you specified oth...Read More
Why It’s Important to Know Which Assets Are Subject to Probate
Probate is the process where a court oversees the property management of a deceased person to ensure that all their debts are paid and that their remaining properties are transferred to the appropriate parties. In some cases, probate is required regardless of whether the deceased has left a will. That said, not all of a decedent’s assets are subject to probate. Brook Legal explains how you can differentiate the two and why it’s important to know the difference: Probate and Non-Probate Assets While probate lawyers in Perth would enlighten you on which assets are subject to probate and which are not, knowing these beforehand will allow you to plan your assets properly. Probate assets are those that you own in your own right, and that is subject to the probate process. This often includes liquid as...Read More
How a Professional Can Help You in Writing a Will
The will, along with a medical power of attorney, a trust, and a financial power of attorney, is one of the most basic elements of an estate plan. When writing a will, the creator identifies the person they want to be in charge of managing the estate that will be left behind, as well as wrapping up any of the decedent’s unfinished affairs. This can be anything from filing tax returns to identifying and solving debts. To ensure that legal possessions will be distributed as you wanted, it’s crucial to draft a will that outlines your preferences explicitly and specifies solutions to possible problems. Because of a will’s importance, it’s best to turn to a professional when preparing it. Brook Legal, the Will and Probate Centre, explains how our team of legal lawyers in Perth, WA can help you: Cr...Read More
Case Study – Why You Should Make a Will and Have Your Affairs in Order
Jack and his wife have three young children. They own a house as joint tenants (meaning the property will pass to the survivor) and a dress-making business. Jack and his wife each make a Will leaving everything to each other and then to their children in equal shares. Jack’s wife dies unexpectedly. Several years later… Jill owns a dress boutique. Jill meets Jack when buying dresses from Jack’s dress-making business. Jack and Jill start dating and eventually enter into a relationship. Jack suggests to Jill that she sells her boutique and works with him in the dress-making business. Subsequently, Jack and Jill move into Jack’s home to raise the children together. Each morning, Jack wakes up and says, ‘Darling Jill, I love you. One day all this will be yours.’ TIME FREEZE - Is it tr...Read More