Why Do Property Owners Need A Will:
Everyone needs a will, especially if you have assets to your name. Who will get what if something happens to you? A will provides information for people who are inheriting anything, especially large assets such as property. When it comes to distributing the assets from a will, it will depend on how the person who died left it in the will. A will is a legal document that declares the information from the widowed. There are some cases, very few, that can be challenged where the law will take precedence over the wishes of the person who passed. Everything should be verified with your lawyer ahead of time.
When it comes to property owners, owning a piece of land is a large asset depending if it is paid off or not. A property that is paid off is considered capital and is an asset to the owner. If this person passes on, what happens to the property now? This is when the will comes in because the property will go to the person that says it will in the will. There are a few circumstances whether or not the person who passed away has a spouse and that property is left to them. Again, this should be clearly outlined in the will.
“According to the Act, unless someone who is financially dependent on the deceased person makes a claim, the first $200,000 is given to the deceased person's spouse if he or she has decided to claim his/her entitlement. The other possibility is to claim half of the net family property. A lawyer can help determine which is the better choice.
Anything over $200,000 is shared between the spouse and the descendants (e.g. children, grandchildren) according to specific rules.”
If there are no blood relatives it gets complicated and a lawyer is needed.
If there is one important factor to take away from this article it is to make a will if you own property and you haven’t already created one. Life is precious and anything can happen at any time. It is important to have everything in order because money and property are the big issues when it comes to inheriting someone else’s possessions and mainly because it wasn’t clear in there will. Clear instructions will eliminate heartache and confusion when it comes to sorting things out afterward and dividing everything.
When it comes to property owners, owning a piece of land is a large asset depending if it is paid off or not. A property that is paid off is considered capital and is an asset to the owner. If this person passes on, what happens to the property now? This is when the will comes in because the property will go to the person that says it will in the will. There are a few circumstances whether or not the person who passed away has a spouse and that property is left to them. Again, this should be clearly outlined in the will.
“According to the Act, unless someone who is financially dependent on the deceased person makes a claim, the first $200,000 is given to the deceased person's spouse if he or she has decided to claim his/her entitlement. The other possibility is to claim half of the net family property. A lawyer can help determine which is the better choice.
Anything over $200,000 is shared between the spouse and the descendants (e.g. children, grandchildren) according to specific rules.”
If there are no blood relatives it gets complicated and a lawyer is needed.
If there is one important factor to take away from this article it is to make a will if you own property and you haven’t already created one. Life is precious and anything can happen at any time. It is important to have everything in order because money and property are the big issues when it comes to inheriting someone else’s possessions and mainly because it wasn’t clear in there will. Clear instructions will eliminate heartache and confusion when it comes to sorting things out afterward and dividing everything.
