Wills and Estates Adelaide are the only legal document that an individual makes at the point of their death. When you die, you sign a form that has been prepared by your estate agents and then submit it to the court for approval. The forms outline exactly who should receive what money from your estate and which assets are yours or go to whoever is listed on your Will. This can be a rather painless process, but some differences between wills and estates can make things a little clearer.
Firstly, in a Will, you can include specific provisions for who should manage your estate after your death, and it can state how those people are to be chosen. In some cases, the Will can state that the person or company who receives the property upon your death is your executor or administrator. In other cases, that person can be someone that you have already chosen. The basic difference between these two options is that they will take responsibility for the property and its management. The estate-managed plan is an agreement between the person who made the Will and the person or company receive the funds.
Another important difference between wills is the language in which they are written. While both use formal English, the wording can be quite different. In most wills, the language used tends to be the same — it’s just that in a Will, the person appointed to make the final decisions (known as the executor) usually uses slightly different language to convey his intentions. Wills and estates can also differ when it comes to what happens to properties that pass through the life of the testator. A will often spell out exactly what happens to the property if the testator dies before it passes to his or her heirs, while an estate can describe what happens to the property after the testator dies.
Also, wills differ regarding what information they require from people who might inherit the assets. Most wills contain information regarding how property will be transferred and who will get it. However, wills sometimes also allow for the transfer of property after the testator’s death — this is referred to as an intestate estate. In some cases, intestate estates stay under the court system’s control until the beneficiaries are entitled to them. Wills also can vary significantly concerning who may receive funds from the estate — some require specific persons to sign as authorisation, and others require nothing more than a signature.
Besides, there are also other differences between Wills and Estates Adelaide. For example, in the case of a Will, anyone can draft the document, whether the testator himself or another close personal friend. In the case of an estate, only the person named in the Will is allowed to sign the document. Another main difference is that in the case of a Will, someone else can change the document at any time. In contrast, an estate only changes when the testator dies. No one else can make any modifications. Another person can also initiate an estate other than the testator. However, if the document contains a Power of Attorney, then the person initiating the estate must appoint a personal agent to act on his/her behalf.
There are some other differences between the two documents when checking scammell.com.au. While specifics will differ depending on the type of estate (inheritance or Will) and whether the testator has made a Power of Attorney for the Wills and Estates Adelaide, many of the basic rules apply. For example, it is usually required that agents be appointed by the person making the Will. They must provide financial and legal advice to the testator upon his or her death. If there is a will that has already been established, it can be restarted by executing it.