A Will is a legal document that specifies the way in which your assets disposed off after you die. Competent Wills lawyers like Perth Wills Lawyers can help you prepare a watertight Will that contains comprehensive and clear instructions regarding disposal of assets and the beneficiaries. A Will also contains information regarding the person(s) or organisation that will execute your Will in the aftermath of your death.
There are two main ways in which property can be disposed off in a Will: Right to Reside and Life Interest. Both these terms are explained below.
Right to Reside
In this case, the beneficiary is usually allowed to live at the premises until his or her death. In certain cases, the beneficiary may be allowed to live on the property for a specified amount of time. The beneficiary may also be expected to pay for upkeep and maintenance. All this information will be clearly stated in the Will.