If you have received some portion of the deceased’s estate, you must be wondering how long does a Will last, or until when it remains valid? Maybe knowing about “how long does a Will last” might help if you have long-term plans for the hard-earned house and savings of your late family member that was passed on to you.
As a beneficiary of a Will, it is important to know factors that affect the validity of a Will. This also applies to executors of a Will who administer the distribution of the deceased’s estate.
A Will is more than just a document which states what assets you will receive. The process involves more than what the eyes can see. Learning about this document in this article can help you execute your plans in the succeeding years.
What Is A Will?
Let’s admit it. Most of us would like to receive some entitlements from the estate – be it big or small. We want to inherit something for the reason that we are direct blood relatives of our late loved ones.
Inheriting something from our late loved ones can assist us in our day-to-day lives and will make living without them relatively bearable. This is especially true when family heirlooms or products consisting of sentimental value are passed down to you.
But what exactly is a Will? This is a legal document which explains how an individual wants their assets to be distributed after they pass away. This may include their house, personal belongings, and money. A Will lets an individual know which loved ones will benefit from the document and this will help prevent confusion and disputes between family members.
How Long Does A Will Last: When Does It Expire?
To answer our initial question of ‘how long does a will last’– in general terms, a Will does not expire unless revoked and rewritten into a newer Will.
As situations in someone’s personal life change, their initial preferences may change. These changes must be reflected in their Will. Given that they plan to have children and grandchildren, their Will needs to be updated to reflect the changes in relation to whom they wish to pass down assets to.
This is to ensure that confusion and disputes within the family members will be prevented after the Will-maker passes away. No one wants to have internal family disputes which may lead to harm and stress.
If you wish to make amendments to your Will, it is advisable to make a new one. The new Will should begin with a clause stating that it cancels out previous conditions. With this being said, the old Will should be destroyed rendering it useless for legal purposes.
Obtaining A Copy Of A Will
Now that you have an idea about what a Will is, let’s see how to obtain a copy of one? According to the Succession Act New South Wales (2006), any individual in possession of a Will relating to an estate in NSW must arrange a copy of the Will for anyone who:
- Has a name in the Will (beneficiary or not)
- Is referred to in any past Will prepared by the deceased
- Are the present and surviving child or spouse
- Is the parent or guardian
- Is any person who has a claim in the estate
- Is any person who was managing the estate before the individual’s death
For more information on this topic, read previous blogs from JBS.
How Long Does A Will Last: Survivorship Period
How long does a last when the Will-maker is still alive? It is stated that beneficiaries cannot inherit the assets unless they live in a specific time frame. This is called the ‘survivorship period.’
A survivorship period is a standard feature of many Wills. Survivorship requirements are needed in the case of simultaneous deaths of Will-makers and beneficiaries.
This possibility cannot be ruled out as a lot of people have it in the back of their minds. The worry is that if the beneficiary dies shortly after the death of the Will-maker – the assets will be distributed according to the beneficiary’s conditions and not the Will-makers.
The Executor
In addition to knowing how long does a Will last, an executor needs to be chosen. He/she is the one responsible for managing the Will-maker’s estate when they have passed. In simpler terms, an executor is like a financial advisor. It is recommended that executors must be younger and over the age of 18 and can handle the responsibility of taking over your estate.
The difference between a beneficiary and an executor is that the beneficiary has a right to receive from the estate, while the other has a duty to it. When writing a Will, can an executor also be a beneficiary? Yes. It is perfectly legal to name the same person as an executor and a beneficiary in one’s Will.
How Long Does A Will Last: Obtaining Probate
Probate is a legal term for determining if a Will is justifiable. After the death of an asset-holder, the court may appoint an executor mentioned in the Will to spearhead the process of probate. While this may sound helpful for securing assets, the processing of probate can take a long time to finalise. This could be around 6-24 months.
The more complex the estate is, the more time it take to settle and distribute assets. While it is very costly to go through authenticating a Will , it is highly advisable to do so since having a valid Will can make probate processes more swift.
Importance Of Seeking Legal Advice
Knowing how long does a Will last is very important. In summary, the answer to the question of ‘how ling does a Will last’ is that it can last indefinitely unless revoked by the Will-maker. If he/she leaves the responsibilities with a solicitor, the solicitor might store the Will safely for a long period of time after the death of the Will-maker.
This is a complicated area in the field of law, so taking legal advice from our experts on Wills And Estate Planning at JB Solicitors be essential for all your needs in securing your assets.
Our team of compassionate experts offers fixed-fee pricing for all of our services that tackle these kinds of cases to save you from financial inconveniences.
Contact JB Solicitors today.
