Ensuring that your estate and family’s future is secure gives you and your loved ones peace of mind. When deciding what to do with inheritance money, property or belongings, the process of writing a Will is extremely important. This ensures that your estate is passed on to the people you are closest to and ensures that your assets are distributed according to your wishes. With the right legal advice regarding inheritance, you can ensure that your assets will be dealt with in the way you intend. In this article, McNab McNab & Starke discuss the importance of creating an effective Will, the role of the executor and how to go about handling complex situations such as complex asset distribution.


Creating a Will

The best way to pass assets to heirs is by creating a Will, which is a relatively easy process to undertake. Here, we will explain some of the most important steps.

  1. Decide what property (real estate) and other assets such as shares and investments, antiques etc, you would like to specifically provide for in your Will, and who will inherit the property and assets.
  2. Choose an executor who will handle your estate. This is can be a legal representative, however it is completely your choice, and can also be a trusted family member or friend.
  3. Choose a guardian for your children if you have any.
  4. Choose someone whose role it is to manage your children’s property.
  5. Sign your Will in front of witnesses in accordance with the legal requirements for executing a Will.
  6. Ensure that your Will is stored safely and securely.


Choosing an Executor

The role of an executor is to administer a persons’ estate after their death in accordance with the instructions set out in the Will. This role holds with it a lot of responsibility, as it is the executor’s job to ensure that all beneficiaries of the Will receive the assets left for them. An executor can be a legal representative, however it can also be a trustworthy friend or family member.


Reviewing and Updating Your Will

When deciding what to do with inheritance, it may be necessary to review and update your Will periodically, especially after major life events, to ensure the best way to pass assets to heirs. If a beneficiary of some of your assets passes away, or their circumstances change, you will need to adjust your Will. Furthermore, if you have a falling out with a family or friend, you may feel the need to review and update your Will.


Legal Assistance and Guidance

For high quality legal advice regarding inheritance, it is in your best interest to employ the assistance of a legal expert. The expert Wills and Estates lawyers at McNab McNab & Starke will ensure that your Will is completely legally sound and that it totally and accurately reflects your wishes and intentions.


Handling Complex Situations

Complex and unforeseen situations may arise when administering a Will when blended families, minor beneficiaries or complex asset distributions are in the picture. In order to deal with these issues, our team of legal professionals can provide you with estate inheritance law advice.


For the best estate inheritance law advice and assistance in Victoria, contact our trusted team online today.