How to Prepare Wills: Tips from Experts from Sydney’s Inner West

How to Prepare Wills: Tips from Experts from Sydney’s Inner West

Wills are supposed to outline each family member’s fair share of inheritance should anything happen to the head of the family. However, bitter conflicts may arise when the will is contested.

To help prevent will contest, here are some tips from CM Lawyers, one of leading experts in estate planning from Sydney’s Inner West.

Take the time to prepare the will

The will plays a crucial role in shaping your family’s future. That’s why take the time to carefully plan it, and don’t procrastinate. The best time to plan your will or to do estate planning is when you are most able, or immediately, not when people get the chance to question your ability to make informed decisions. Now is also the best time to avoid getting swayed by people who are trying to influence you. By delaying estate planning, you run the risk of leaving out some very important details or considerations that need to be included. Should problems arise in the asset distribution, it’s better to address them right away than later when you’re already unable to.

Include a No Contest Clause

In terrorem, or a no contest clause, is a crucial part of wills. It prevents any entity who challenges your will or files a lawsuit against you from having any part of your estate. Ask your estate lawyer if the no contest clause can be applied in your area.

Observe Discretion When Preparing Your Will

Preparing your will shouldn’t be kept secret, especially to your loved ones. Just observe discretion when preparing it. Disclose important details only to your lawyers or to your most trusted loved ones. Keeping your loved ones in the loop about some of the details of your will and talking to them about the reasons for including some of the details in the will helps to avoid contests. It also prevents them from getting caught in any surprises.

Include a Revocable Living Trust

Including a revocable living trust is one of the best ways to prevent will contests. It keeps the contents and other details of your will safe from individuals who may have ill intentions against you. A revocable living trust is a legal private document that allow access only to its owner.

Review and Update Your Will Regularly

Finally, when everything is set in place, be sure to review your will regularly. There may be some details that need to be removed, changed or updated, according to the changes in your living condition, financial or marital status. Take the time to talk to your lawyer about some changes that may need to be incorporated into your will.

To find out more about will and estate planning, visit CM Lawyers or call 02 9568 6266 today.

By Alex Sapounas

Conveyancing Issues in Sydney’s Inner West: Challenges Homebuyers Could Face

Conveyancing Issues in Sydney’s Inner West: Challenges Homebuyers Could Face
 
Buying your first home says a lot about your capabilities as
an individual. It makes you realise that you are able to stand on your feet. It
also makes you feel secure that you are investing into something that you can
call your own that appreciates in value over time.
But buying a home isn’t easy. There are lots of challenges
that you could come face to face with, especially if you are a first time home
buyer. If you’re buying a home in Sydney for the first time, it’s highly
recommended that you consult with a highly qualified professional who specialises in conveyancing in Sydney’s Inner West.
 
Visit CMLawyers or call 02 9568 6266.
 
 

CM Lawyers Talks about Conveyancing in Inner West

Conveyancing is defined by law as the process of transferring a legal title from one party to another and or granting of encumbrance from one person to another that also involves the exchange of contracts. In simple English, it is the transfer of ownership from the seller to the buyer. Generally conveyancing in Inner West Sydney is encompassed by the National Law of Australia that strictly implies all transfer of ownership done through a conveyancer should be carried out by a licensed practitioner, otherwise, will be subjected to legal actions.

By

Preparing Wills in Sydney’s Inner West: Avoiding Wills Contest

Properly preparing your wills well in advance will give you total peace of mind. You can rest assured that your properties will be distributed to the designated beneficiaries promptly. To avoid will contest, below are some tips from experts in wills and estate planning from Sydney’s Inner West.

Proactively planning your will

Your beneficiaries’ best interest is your priority. That’s why, you should take the time to carefully plan your wills well in advance. Doing so later on in life could give some people an excuse to question your ability about making important decisions. Also, you could forget key things that are crucial to your will if you put off preparing it. If you are foreseeing some potential problems in asset distribution, address them now while you are still fully capable of taking care of it.

Include a No Contest Clause

In terror-em, or the no contest clause, is a clause that is included in wills and estate planning documents that protects your estate from people who may challenge it or file a lawsuit against those for which your estate is to be distributed. However, some states may provide limited power to a no contest clause. Consult with a lawyer to learn more about its validity in your area.

Be discreet in preparing your wills

Preparing your will shouldn’t be a secret undertaking. But you must be discreet about it. Only disclose important details of your wills to your lawyer or to a family member whom you truly trust. Talk about some details of the will with your loved ones and state the reasons why some details are included.

Have a revocable living trust

One of the best ways to discourage will contests is to have a revocable living trust. It is an excellent way to keep your wills private and safe from people who may have ill intentions. By having a revocable living trust, it is only you who can have access to your will.

Keep on reviewing your will

Go over your will again and again until you’re satisfied that all crucial details have been included in it. By constantly reviewing it, you can implement some amendments as your assets undergo some changes while you are still living.

For further information about creating wills and estate planning, visit CM Lawyers of Sydney’s Inner West or call 02 9568 6266 today.