Wills, Probates and Trusts: What Happens Next October 22, 2014My LifeOff

When a family member passes away, the legal matters are often left to the executor of the will. Typically, this is the daughter or son of the deceased. During this emotional time, legal issues are often the last thing on a person’s mind. But, as an executor to the will, you need to be able to deal with these difficult and complex legal affairs.

When a family member dies, it can be a tough time emotionally.  The thought of dealing with wills and trusts will be the furthest thing from your mind. But, it is important that these issues are sorted as a matter of urgency. It’s vital that monetary matters and the estate are dealt with.

With this in mind, it’s important that you are au fait with the details of wills and trusts so that these can be divided as per the will.

The Estate
The estate of an individual refers to their money, property and possessions. In some circumstances, this means that their debts need to be sorted as a priority too.

Often, a will is made prior to the death of an individual. This outlines where the property will be split and who the recipients of the estate will be. What is more, there is usually an executor named in the will. An executor is an official person that divides the assets. They will deal with all matters of the estate on the behalf of the deceased. All of these finer details should be in the will. The designated person must carry out the wishes on behalf of those who have passed. A will is a legal document and should be treated as such.

No Will Has Been Made: What’s Next?
In some circumstances, a will may not be left. Should the deceased have passed unexpectedly, or they are younger, they may not have a will in place. This means that the will has to go to probate. Probate is the legal right to divide the estate. Probate hearings will also ensure that there is a legal framework in place. This is to name an individual an executor to the assets that have been left behind.

While many people aim to leave a will, this is not always done. While this can be something of a messy process, it can be dealt with in a court of law. Once this has been decreed in a court of law, the estate or debt can be arranged as per the rule of the judge.

Letters of administration are sometimes needed so that a person can be appointed to deal with the will in a timely manner. Probate in NSW can help with this legal matter.

The Probate Process
The probate process is usually done quickly. While it can be an added strain during times of grief, it is necessary to ensure that you have legal representation at this time. While you may have some ideas of who should receive what assets, once the probate process has been initiated, this is out of your hands. The law, in essence, decides who will get the estate and what share of the assets they will receive.

Typically, the law will arrange that the assets are given to the person’s partner or spouse. This will be given to civil partners too. In the event that the deceased has no spouse, the estate is automatically given to the children. This applies to possessions only.

When it comes to financial matters, this is where the process can become complicated. If an individual has a vast sum of money within their bank account, the legal process is much more complicated. This will require the need for lawyers to go to court hearings.

If an estate, however, is small, there is usually little need to involve lawyers. What is more, the probate process is not used for any estates that are under the $8000 mark. Banks, building societies and organisations should be aware of who should receive the money. Usually, this is sorted prior to the person passing. But, if you are the son or daughter of the deceased, you may need to write a letter so that the money can be released immediately.

Avoiding Probate
Probate is not a pleasant process to go through. During times of grief, dealing with legal affairs is not something that many want to consider. But, there are ways that you can avoid issues with probate. While broaching the subject of death with your loved ones is not the easiest conversation to have, it is important. This can avoid issues of probate in the event of a loved one’s passing. Having a conversation about wills is not easy. But, it is important.

Outline the reasons why a will should be put in place. After all, your family may want to make decisions even when they are not around. This ensures that their final wishes are met. What is more, it can ease tension within families. This can give your family peace of mind. What is more, using legal eagles can ensure that everything is done legally and above board.

Having a will in place ensures that the division of the estate does not become a legal matter. Making a will means that the individual has various options available to them. This means that they can control any of the decision-making processes, even in the event of their passing. Gifts can be made to charities, and the estate can be split as they deem fit.

Appointing an executor is vital. This means that only one, or two, people can carry out the wishes of the will. This ensures that everyone knows where they stand. This can omit wrangling in families. These, sadly, occur more commonly than one would think.

Appointing executors and drafting a will is important. This should be done with a solicitor present. This ensures that no further legal processes take place. What is more, there are no hard or fast rules to making wills. These can be changed as the individual deems fit. So, if they need to change their will for any reason, they can do with ease.

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