It’s a smart idea to seek legal advice on wills and trusts if you’re setting your life in order and planning to look after both your properties and the people you love and care about. Building a plan and providing documents to ensure the assets are shared out in the way you prefer makes financial sense. If you would like to learn more about this, please check out Oren Ross & Associates-Wills and Trusts Attorney.
If you are not married, or have had a civil union, but you want to leave your properties to your wife, or you want to specify particular mementos for them to own, you may need to write this down. If you have not given details that supersedes this, the legislation would divide your assets according to who is your closest kin by statute. In this situation, it’s important to make sure that you have provided for your partner.
Alternatively, you would want to instruct your former spouse to receive less or less than they would have before if you were married or in a civil union and you are no longer.It will also help shield your property from increased taxes and charges, putting it in a stronger financial condition for the individuals you move it on to.
You will also need legal advice on wills and trusts, even though you are married or in a civil union without children, and it all looks straightforward. Your disbursement of assets can be questioned and legal proceedings can eat away at your assets and stretch the period of time until the assets are transferred from your estate to the entities or organisations to whom you might have moved them.
For others, succession planning is not only about writing a will, but also about building a trust that in later years will look after assets regardless of your health, and protect your interests and those of your family from those who may have an effect on the result. This can include the ancestors’ ex-married or civil union partners.
We can spend our lives building up our resources and making something from what we have been given, either from our own heritage, or from the knowledge and inspiration of the people who have inspired us. It is an excellent excuse to seek legal advice on wills and trusts to protect all that you have constructed so that the next generation will build on it and/or move it on again. Your assets and your loved ones will both benefit.