Understanding The Importance Of Wills And Estate Planning With Tonkin Law In Australia

A will, also known as a last will, is a legal document courting a person’s wishes for how their property will be spread after their death and on which person will achieve the property until its final delivery. Are you ready to know about the wills?

Let’s go to uncover the choice. Once you have formed an intention, reviewing it and updating it as needed is vital. Life changes, such as marriage, divorce, the birth of a child, or the death of a loved one, may change your will.

Why is it Essential to Have wills?

There are many reasons why it is essential to have a will, including:

• To ensure that your assets are spread according to your wishes. If you die without a will, your assets will be distributed according to the laws of intestacy in your state.
• To name an executor. The executor is answerable for carrying out the orders in your will.
• To make generous gifts. If you want to make gifts after your death, you can specify this in your will.

What happens if you die without a wills in Australia?

If you die without a will in Australia, your assets will be distributed according to the laws of intestacy in your state or territory. These laws vary from state to state but generally distribute your purchases to your spouse, children, parents, siblings, and other relatives in a specific order.

What are the Different Types of Wills in Australia?

There are four main types of wills in Australia:

• Simple wills:
• Joint wills:
• Trust wills:
• Testamentary trusts:
• Living wills:
• Statutory wills:

How often should you update your wills?

Here are some specific examples of life changes that may warrant an update to your will:

Marriage:

If you get married, you will want to update your will to include your new spouse as a beneficiary.

Divorce:

If you get divorced, you want to update your will to remove your ex-spouse as a beneficiary.

Birth of a child:

If you have a child, you will want to update your will to include your child as a beneficiary and to name guardians for your child in case you and your spouse both die.

Death of a child:

If one of your children dies, you will want to update your will to reflect this change.

What is Estate Planning?

Estate planning is the procedure of making provisions for the management and nature of a person’s assets during the person’s life in training for a person’s future injury or death. It is a whole process that involves identifying your assets, communicating your goals, and creating a plan to achieve them.

What are the Benefits of Estate Planning?

Wills and estates planning are essential for everyone, regardless of their age or wealth. There are many benefits to estate planning, including:

• Ensure that your assets are distributed according to your wishes.
• Name an executor.
• Establish trusts for minor children or other dependents.
• Name guardians for minor children
• Make charitable gifts.
• Give specific instructions for your funeral and burial.
• Reduce taxes and other expenses.
• Protect your assets from creditors.

What is Tonkin Law?

Tonkin Law is a law firm based in Greensborough, Victoria, Australia. The firm focuses on family law, wills, estate planning, and property and conveyance. Tonkin Law was established in 1960 by David Stagg Tonkin, now a Consultant Lawyer at the firm.

Tonkin Law in Today’s World

Tonkin Law is a law firm well-positioned to meet clients’ needs in today’s world. The firm’s lawyers are experienced and knowledgeable in family law, wills and estate planning, and property and conveyancing.

Conclusion

Wills and estate planning are essential for everyone, regardless of their age or wealth. A will is a legal document that sets out your wishes for how your assets should be distributed after your death. Estate planning is the process of making arrangements for the management and disposition of your assets during your lifetime and after your death.