Wills & Estates
Wills are written statements instructing the desired handling and distribution of estates. Wills and Estates Law will often include: a testament, a codicil, an appointment by will or by writing in the nature of a will and any testamentary disposition.
A will is a legal document that makes personal and financial arrangements binding on heirs subsequent to death. A will also acts to appoint beneficiaries who may receive estate or other property. A will must be in writing and witnessed by two independent witnesses. It may, however, be revised and/or revoked by the will maker as often as desired prior to death. It is customary to select an Executor to organize and distribute assets, pay debts, arrange funeral, as well as a guardian for infant children (under 18 years of age) and to note said decisions in the will.
An estate refers to the property and non-property items of one’s assets after the deduction of liabilities such as debts and taxes. However, some assets do not compose one’s estate such as those assets owned joined with another or superannuation entitlements.