Home in WA - The importance of a will in the estate planning process
In episode 26 of Home in WA, host Jon Williams sits down with Rebecca Browder from Mills Oakley law firm to discuss the importance of a valid and enforceable will for the estate planning process.
Watch Home in WA every weekend on Channel 7, where we take you on tours of some of the most gorgeous properties WA has to offer, and provide property market insights you can use.
Interview with Rebecca Browder, Property Associate at Mills Oakley law firm
It's common for much of a family's assets to be tied up in their homes. While this can sometimes be a great vehicle for long-term growth, what too few people think about is what happens to the family if the homeowner passes away. That's why estate planning is so important to make sure that your family is fully protected, and that when a loved one passes, the assets in question can be distributed appropriately. To talk us through the process, host Jon Williams spoke to Rebecca Browder from Mills Oakley law firm.
Jon Williams: Rebecca, what normally happens to a property if the owner passes away?
Rebecca Browder: Obviously, every situation is different, so everyone should obtain their own independent legal and financial advice. However, if there is a will, the first thing that should happen is the executor can apply for probate. Once probate has been granted, they can then apply to be registered on the certificate of title. Once that's happened, they can then distribute the property in accordance with the will. So this could be selling the property and distributing the proceeds to beneficiaries, or transferring the property to the beneficiaries. If there isn't a will, this is a lot more complicated, and we need to apply for something called Letters of Administration. And in that case, the property is dealt with in accordance with the legislation, but either way, it can take several months for the process to be finalised.
Jon Williams: So what can families do to best prepare?
Rebecca Browder: The best thing that families can do is to seek estate planning advice and make sure they have a valid and enforceable will. If you have a will, you can set out what you want to happen to your property, whether that's selling it and distributing the proceeds, transferring it to a beneficiary, or even granting someone a life interest to reside in the property.
Planning your family's estate can make a difficult process just a little bit easier. To speak to a property partner about your home go to the agency.com.au