As the saying goes, there are two things guaranteed in life, taxes, and death. While no one likes to think of their impending death, the fact is, it will happen, and we need to be realistic about it and in some ways, prepare for it. One of the best ways to prepare for your departure from this earth is to have a will drawn up. If you don’t have one it is highly recommended, particularly when investment properties are owned. While many hope that their relatives will be able to amicably sort out their assets in the event of their death, it doesn’t always work this way.
A current and valid will is extremely important. If you had the opportunity to find out what will happen to your assets if there is not one, you would race to have one tomorrow. You need to ensure that what you wish to unfold in the event of your death is legally documented. If this is not done, then anyone who feels they are entitled may come forward and legal battles can result as well as family feuds. Your Brisbane real estate asset may end up being swallowed up in legal fees. Of course, the use of a lawyer is highly recommended when it comes to a will but if you are unable to make it to an office to have a will drawn up then a hand written will should suffice. This will need to be signed by yourself as well as two independent witnesses if possible.
Investment properties can become a tricky subject in the case of deceased owners and here are a couple of reasons why a current will is important. Many people incorrectly believe that when they get divorced that their spouse is no longer entitled to their assets such as investment properties, however, this is not necessarily the case. Unless there is a revised will drawn up then they are still entitled if the old will states they are. The assumption that your children are automatically taken care of in the event of your death is incorrect also, unless they are listed on the up to date will. You can make changes to your will by either making additions or completing a new will altogether, whichever way you choose, stating clearly what is to happen with your investment properties is highly recommended.
If you wish any further advice on investment properties and the management of them, seek out reputable and competent rental property management in Brisbane. In all areas relating to your investment properties, be well prepared and managed.