Will is a very important topic in our life to protect our assets and legally pass it on to the heirs or beneficiaries we have in mind. However, it is not an everyday topic. Therefore, we may have a lot of questions about a will. Here are a few common FAQs on will answered.
Where should I keep my will?
For processing your estate, a probate court will need access to the original will. Therefore, you must store the will in a safe, but easily accessible location. It is good to store it in a waterproof and fireproof safe in your own home. You must make at least the executor know where the will is stored along with the concerned safe’s password.
Can I change my will?
It is good to review your will once in two to three years and update it whenever you feel like. The will that will be deemed valid is the latest version that exists during the time of your death. It is quite easy to change your will. You can either write a new will to replace the old one or you may make an addition known as codicil. Whenever a codicil is added, two witnesses must sign it whenever it is made.
Can I share a will with my spouse?
Though it is legally allowed to share your will with your spouse, many attorneys do not support this idea. The term joint will describes a will signed by both the partners. If the first person has died, the surviving spouse may not be making any changes to the will. Alternatively, the other type of will recommended to make with a spouse is known as mirror will or reciprocal will. Such wills let each spouse to direct the other spouse on the property and assets. The surviving spouse can change the will depending on the arising circumstances.
A will is not just a road map to how your assets must be settled after your death. It is also meant to mitigate the chances of strife and potential taxes that your descendants might have to confront. Studying your situation thoroughly now and deciding what is right for you and your family while making the will can help keep the matters of your estate out of the probate court. A will creates a smooth way of safeguarding the future of any dependent children.
Taking the support of a conveyancer Penrith can help you avoid any future problems that might happen with regard to your assets. Whether you wish to make the will yourself or might want to take the help of an attorney, a written will is a smart move you must not overlook.