Are you searching for a guide to a Last Will and Testament? You have come to the right place.
If you are considering future-proofing your estate, getting a Will drafted is one of the best ways to ensure that your loved ones are taken care of according to your wishes.
You may be wondering, however, how exactly do you make a Will? Where do you even begin? And do you have to get a lawyer involved?
The purpose of the following article is to discuss everything you need to know to get started on your Last Will and Testament in NSW.
What Is a Will And Last Testament In NSW?
An essential part of a guide to a Last Will and Testament in NSW is understanding what exactly a Will is.
A Will is a legal document outlining how your assets will be distributed once you pass away. These assets can include bank accounts, real estate, vehicles, shares and so forth. Accordingly, having a Will in place that clearly states these, legally valid and up to date, will ensure your assets are distributed according to your wishes.
This Will also outlines who your beneficiaries are and accordingly can assist in preventing any disputes regarding the distribution of your assets, known as your ‘estate’. The Will also contains provisions appointing an executor of your estate. An executor is a person that is responsible for carrying out the wishes you have stated in your Will.
A Will also contains provisions concerning children in your care under the age of eighteen to receive their inheritance once they turn eighteen.
What Does It Mean By Last Testament?
Throughout your life, your circumstances will undoubtedly change. Accordingly, your Will needs to be updated to reflect these changes and your new wishes according to new developments.
Updating your Will over the years is necessary to ensure there is no confusion as to who gets what. The most recent update in this process is known as your Last Will and Testament in NSW and is the final legal Will executed before you pass. The effect of a final Will is that it will cancel out any previous versions of your Will and Testament made.
However, it is essential to note that if someone wishes to challenge your Will – a previous version of your Will may hold some weight in Court.
Common Misconceptions About A Will You Need To Know
Although you can draft a Will yourself, it is highly advised not to because of the multiple formalities that need to be observed in the process.
A common misconception about a Will is that it is simply a document stating the persons that will receive your assets upon your passing. The process in fact, involves significantly more than that and includes items such as:
- Appointing an executor of your estate;
- Considerations about a Grant of Probate;
- Formal requirements for your Will to be legally valid;
- A power of attorney; and
- Estate planning
How Do You Make a Will In NSW?
To begin making your last Will and Testament in NSW, you should first start by determining what property and assets you have in your possession and writing out a list of these.
Once you have done this, the next step would be to think about how exactly you want all your property and assets to be distributed and who will be the beneficiaries of your estate.
The next step would be to think about who will be the executor of your estate. As mentioned previously, this is the person you will entrust to execute the wishes of your Will.
Finally, if you have any children under the age of 18 involved or any dependents, you should also think about who will be their guardian if both you and your partner were to pass away. Once you have considered all of these, you should contact a solicitor to start drafting your Will.
Importance of Seeking Legal Advice
When discussing matters such as your last Will and Testament in NSW, it is essential to remember that you can draft a Will yourself, although it is not recommended.
A Will is a vital document and should be left to the professionals to ensure that it is legally valid and considers all your circumstances and wishes. Please do not hesitate to contact our team if you have any questions about Wills or wish to have a Will drafted.
Here at JB Solicitors, we’ll make the process as pain-free as possible. We have fixed-fee pricing for family law, giving you a clear sense of the costs from the start, and we will be sure to help you out every step of the way.
With years of experience under our belt, we pride ourselves on making each client’s family law experience as positive as possible.
Contact JB Solicitors today to speak with one of our friendly and experienced family lawyers.
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