Skip to main content

Risks and advantages of making or not making a will

It is perhaps one of the most difficult and hard processes that have to be taken throughout our lives, making a living will, a waiver of inheritance or a declaration of heirs can become something traumatic, not only for the person who owes it. to make that decision and award part of your estate to family or friends, but because you have to face a legal process that can sometimes be tedious if you do not have the help of an inheritance lawyer.

In this article we will tell you some of the peculiarities and differences between wills and the risks involved in not doing it on time.

making a will

Meaning of testament

The meaning of this document is to bequeath the person's assets once they have died to avoid possible family conflicts. It is for this reason that we always recommend that the living will be made, since otherwise greater conflicts than those desired by the affected person may arise.

It is true that there is a certain "fear" of making such a document because it seems that the end is near, however nothing is further from the truth, since at any age an open will can be made so that those assets acquired are awarded to the selected persons.

That way, even though the end is still far away, you will know that if anything happens, your family environment will be covered both by the legitimate of the children, the legitimate of the parents and your own wills.

Universal Will

It is a different but perfectly valid option, the person can assign as heir or universal heirs all those whom he considers so that once he dies they take charge as responsible for the inheritance with their obligations and benefits.

This type of will implies that you not only benefit from an asset, but also from your obligations, such as mortgage payments, debts and more. It is a model of family will that aims to offer the heirs the possibility that they can manage the estate of the deceased person as they deem most appropriate without the forced obligation of having to decide on the part of the testamentary who to bequeath their assets and who not.

Inheritance Tax

It is a tax at the state level but awarded to the autonomous communities. The will in Katoomba, Sydney, East Maitland has different payments and charges that have led it to be in constant discussion due to the difference, sometimes quite important, between the different communities.

making a will advantages

We, as inheritance lawyers, will help you throughout the process when it comes to making the property will and correctly knowing the tax and cost that it has at the time of making the document.

Legitimate inheritance

The one known as Legitimate inheritance or simply “Legitimate” is the part in which the Civil Code obliges the direct heirs of the person who makes the will to benefit with a portion of the total estate. In this case, the legitimate beneficiaries are children, parents or partner / married couple who have become a widow with the death of the witness. Just disinheriting is the only way to delegitimize the taking of this part of the heritage.

It is very important to know that this inheritance is calculated based on the current value of the will and not at the time of death.

Advance directive document

Is this document the same as a will? Not quite.

When this is carried out, it is to specify a series of actions in the event that the testamentary does not have the ability to communicate and express his own will, in most cases derived from serious illness.

With the document, the medical team or the person responsible is informed of the steps to follow when this circumstance occurs. This type of document is always reflected before a notary and with a minimum of 3 witnesses to be able to carry it out and adjudicate the user and the Registry of advance directives.

In the following video, our specialist Inheritance lawyer delves more into the benefits and disadvantages of making a living will or not.

Remember that if you have any questions you can contact us without obligation. We are here to help you.


Popular posts from this blog

Tips to keep in mind when caring for an elderly person at home

One of our greatest concerns is the care that the elderly need at home , since, when our grandparents or parents reach their golden years, we want to give them the best for their enjoyment and comfort. We wonder which is better: have it at home or take it to a nursing home? It is best to provide geriatric care at home. This will bring greater comfort to the elderly and in turn, they will not have to leave their home. The care of each elderly person may vary depending on the alterations required, such as character, illnesses, whether or not they are a dependent person. There are also some problems of the elderly who acquire as they age, which we must consider when giving geriatric care at home. At Connect Ability we know this, that's why we want to give you some advice on the geriatric care that we should give at home, if we decide that they stay with us. Geriatric care according to dependency There are different types of care depending on the degree of dependency that the

How to get truck driving jobs?

Have you dream a life on the road? No one watches your every move, free from the shackles of an office cubicle ... no annoying co-workers or overly controlling supervisors. When you're a trucker, it's just you, the ever-changing scenery, and whatever passive activity you choose to keep you entertained. Of course, driving safely will be your number one approach, but you can also listen to whatever music you want, adopt a favorite radio station, read audio books, or if you are interested, you can even listen to the personal development audio. You will have plenty of time to listen to whatever you want, so you can make the most of it! Plus, you get paid to travel, which is great; you will come across many interesting towns and cities and see tons of what Australia has to offer. If you load and unload your truck, you get paid to exercise too. No gym required for you. Here are our top tips for becoming a trucker: 1. Know what you are getting into Ask yourself why you wish