Why Having A Will Is Important When You Own Property – Client Example

Why Having A Will Is Important When You Own Property – Client Example

You just never know what’s around the corner – so it’s always good to be prepared for the future.

That’s where a will and estate lawyers team in Chatswood can assist.

Get everything aligned and your assets protected so you don’t have to worry about it again – set and forget!

Today TY Lawyers shares a client story about the importance of having a valid Will and planning your estate.

Client Story – Wills & Estate Planning

“We had a lovely widow come and see us who had recently lost her husband. 

She had only realised the house they had lived in for their entire lives was owned as a ‘tenancy in common’ property with her late-husband. 

Her husband had passed away without a Will. The couple were elderly and got married overseas many years ago and unfortunately did not have a marriage certificate. 

She had spent thousands of dollars to trying to prove her late-husband’s 50% share should be transferred to her and that she should not be paying any duty on it. 

If the property was owned as a ‘joint tenancy’ when her husband had passed away, she would have received the husband’s share of the property with no complications, stress or fees.  

So our client had to deal with the loss of her beloved husband and had to pay additional fees and deal with additional paperwork to prove their relationship. 

We met this lovely client after her ordeal as she had come to us to avoid having the same problem again – she asked us at TY Lawyers to prepare her a Will so something like that would never happen again for her children in the future.” 

Good estate planning can help loved ones go through a very difficult time, slightly easier. 

Tenancy in Common

Also referred to as TIC, a Tenancy in Common is when two or more parties have ownership of a residential or commercial property. It could be a building, or a parcel of land.

Joint Tenancy

A joint tenancy also has two or more owners for a building or a parcel of land. However in a Joint Tenancy, all owners’ interest in the property are identical in nature, extent and duration, unlike a TIC which is more flexible.

Complications can arise with a TIC as when a member of the TIC agreement passes away and in the absence of a Will, ownership does not automatically transfer to the other party in the agreement, whereas it’s a lot more simplified with a joint tenancy set up.

Speak to our experienced lawyers in Chatswood to discuss your property law requirements and if you need a will and estate lawyer in Chatswood. We’re experienced in all facets! 

Estate Planning and Wills

A will and estate lawyer in Chatswood can assist you with all facets of your will and estate planning.

Some of these things include:

  • Structuring and writing your legal Will
  • Appointing trustees and a will executor
  • Advising you on distribution of your estate
  • Advising you on any tax issues when putting together your Will
  • Any potential guardianship for children

To make a Will you must be 18 years old and be of sound mind.

There must also not be any external undue influence or coercion present when making your Will.

Important Factors To Include & Consider In Your Will

  1. Children
  2. Your Assets
  3. Family Heirlooms
  4. Giving To Charities

How A Will & Estate Lawyer Can Assist You

Engaging a will and estate lawyer in Chatswood to create your last will and testament will ensure you cover everything that is important and that all communication is clear. No one wants to end up in the position of the client example that was shared today from TY Lawyers.

Your will and estate lawyer in Chatswood will make sure nothing is missed or left to chance along with being able to store your Will safely and securely.

Contact us today to discuss your personal situation and one of our experienced will and estate lawyers or in Chatswood will be able to assist you.

Call TY Lawyers in Chatswood on: (02) 8007 0135.

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