Sometimes, people get confused between Wills and Estates Adelaide. There is a lot of difference between them. A collection of assets and liabilities is known as an Estate. A written set of instructions that are admissible in court on how to manage that Estate is known as a Will.
What is an Estate?
The net worth of a person in the eyes of the law is their Estate. Everything that they own, their car(s), house(s), bank accounts, or any other assets that they own come in their Estate. But an estate is not just about everything a person owns. It is also about everything they owe. Any debts or liabilities that they have are a part of their Estate. So that means, that the people that receive the Estate of the deceased will have to pay those debts and mortgage before they can take the benefits.
What is a Will?
The written set of instructions that explains what needs to be done with one’s money after they pass away is a will. It is a legal document that must be followed. Your last wishes are mentioned in this legal document, and then the document is read out by the county court, and the county makes sure that these wishes are legally fulfilled under the law. This document includes how you wish for your assets to be distributed among your children, how your taxes are paid, how your debts are paid, the disinheritance of a child of yours, and everything related to your assets and liabilities.
The Purpose of Estate Plans and Wills
You can appoint guardians through a will to take care of any relatives of yours that cannot live by themselves and require financial help due to their old age or any other reason. It ensures that your loved ones are provided with property and care even about your demise. You choose the guardians and heirs of everything you own and owe. None of your assets goes to waste, and you can plan how your property will be dealt with even long after you are gone.
Questions About Estates and Wills
Most people have many questions that they want answers to when it comes to Estates and Estate Planning or Wills. One of the many questions asked about Estates and Wills is what happens to the Estate if the entire family ends up dead in an accident or disaster? In cases like that, there is the “God Forbid Clause” which is about your Estate going to a charity or some organization for the poor. If you don’t want that, you can always choose to give your Estate to some relative or a friend or anyone you care about in case your spouse and children die with you and your family ends.
Secondly, what happens to your emails and passwords or social media accounts? The answer is that when you are with your lawyers, this comes up and they help you out with it by explaining it in detail, and you are doing fine.