Regardless of the age of the individual or the size of the estate, there are both personal and legal reasons, residents of Australia need to have a legal will. In the event of an unexpected or expected death, a legal will details the legal distribution of assets precisely to the decedent? wishes as detailed in the legal will.
This provides for an orderly distribution of the assets, eliminates the possibility of family disputes and allows the executor of the decedent? choice to administer the will.
The Executor? duties include:
* Control the inventory
* List the assets and their value
* Pay funeral expenses and other obligations.
* Prepare a final account showing all payments in and out of the estate and how the assets will be distributed.
* Distribute the estate according to law.
If an individual dies without a legal will, the administration duties will be performed by the judicial system. The court will follow a standardised formula for asset distribution and of course provides these services at a fairly substantial cost.
Word of mouth distribution representations have no value before the court. The decedent? wishes rarely come true and the process is wasteful and often inequitable. Many family disputes arise in this scenario.
This unnecessary confusion can be easily eliminated by acquiring an online legal will kit. The forms are easy-to-follow, easy-to-use and can be completed and stored by the processor at their data base.
When a male or female dies without a will, the estate is considered intestate. This state also exists if the deceased has left an incomplete, not duly executed will. This makes it important for online purchases of legal will kits to follow the instructions precisely. If you have questions, these providers have contact information on their sites.
Think of the peace of mind you are creating for yourself and your loved ones by creating a legal will. Why not begin to put your affairs in order today? You will be glad you did.