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.

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.

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.