When you are planning for your future, you can also consider planning for what happens when you pass away. It may seem like an unpleasant thought, but planning for your passing can immensely help your family, if you have any.
Your Last Act of Free Will
A will is one of the legal documents you can prepare in case of your passing. A will is a legal document that says what will happen to your assets such as money, possessions, and properties. Through your will, you also appoint who will receive each of your assets. These individuals or organisations are called your beneficiaries.
Besides the previous functions of a will, if you have young children, you can name who their guardians will be in case you pass away. You can also form a trust with your will. Finally, you can even donate to charitable organisations or causes.
Without a Will
When you pass without a will, problems can ensue for your surviving family. Queensland law dictates what will happen to your assets regardless of your wishes. Your loved ones may be stressed even more over your assets because of the lack of a will. It is also possible that disputes may arise out of the unclear distribution of your assets.
Everyone over 18 can have a will made by wills and estate firms here in QLD. You can update your will once every three to five years if you already have a will. You can also change your will if major events happen in your life. These events can be marriage, divorce, the birth of children or grandchildren, death of your executor or beneficiary, and financial changes.
Now, in case you are in an accident or you become sick, and you can no longer make decisions regarding your assets, you can appoint one or more attorneys to make the decisions for you. This act is called the enduring power of attorney. Appointed attorneys can make financial, personal, and health decisions for you.
Life is short. You can live it to the fullest until you pass away.