We don’t often like to discuss the subject but just like taxes, death is certain. This being said, there is no point in worrying about it but it’s a good idea to plan ahead. That way when it happens, life runs as smoothly as possible for those left behind.
We all hear about wills being in place for when the inevitability of death arrives but do you realise just how important a will really is? Too often a family member takes it in good faith that others will do the right thing in the event of their death but, sadly, this is not always the case.
There are sad stories of a parent dying and not updating their will; siblings fight over valuables and relationships break down. Legal battles can ensue and costly and heartbreaking fights are either won or lost. This happens in particular where there are assets such as investment properties involved.
We at E Property Rentals can manage and protect your property while it is being rented out but we strongly recommend that you have a will in place in the event of your untimely or expected passing. Here is some brief information on wills and the benefits of having one that includes your investment property.
Why you should have a will
If you have one or more investment properties it would be fair to say yours is a decent estate. With this in mind, you should consider the people whom you leave behind and how the assets should be divided.
For instance, dying without a will left behind means you were ‘intestate’. Due to Australian laws that are specific when it comes to rules about deceased estates and properties, this could mean your investment is distributed to close family members, that is, your next of kin.
However, in some instances you may not wish for your investment property to be distributed this way. For whatever reason, you may prefer to leave it to a partner or relative such as a grandchild. This can only be effectively administrated if you have a current will in place.
How can you write your will?
When it comes to larger estates you might like to consider enlisting the services of a solicitor. This is because a solicitor will know and understand all the legal requirements relating to distribution of assets to spouses and children, for instance.
Other alternatives are do it yourself will kits or an online company that can prepare your will for you. Do it yourself kits can be purchased in most post offices or a good search will point you in the right direction.
As for succinct and professional management of your investment property now, contact us at E Property Rentals today.