If you want to receive a portion of a deceased’s estate, you must be wondering how long a Will lasts, or when it remains valid. Most beneficiaries of a Will may have a parent or a relative with valuable properties and assets. Who wouldn’t want to receive this properly and legally, right?
Let’s admit it, we all have long-term plans and secure a better future for ourselves or our families. 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 a Will-maker passes down family heirlooms or products that have sentimental value to you.
To know “how long does a Will last” will 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 the factors that affect the validity of a Will. We have a lot to unpack behind our topic today, so let’s read this article.
What Is A Will?
A Will is a legal document that contains a Will maker’s last wishes for their estate and assets. 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. A person can make a Will if they meet these legal requirements:
- Are over 18 (unless they’re married)
- Know the legal effect of a Will
- Are aware of the extent of their assets
- Know who will be the beneficiaries of their estate
- Must not have mental illnesses or impairment when making rational decisions about the Will’s provisions.
All states require the testator to sign their Will so it remains legally valid. Such states also require witnesses to sign a will to validate its execution. Courts can invalidate a Will if the testator signed it under fraud or coercion. So, it’s best to stay mentally healthy when you want to write a Will.
How Long Does a Will Last or When Does It Expire?
To answer our initial question of ‘how long does a will last’, 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 also change. So, they must update or write these changes in their Will. Given that they plan to have children and grandchildren, they need to update their Will to reflect the changes about whom they wish to pass down assets.
Any changes can make it clear to beneficiaries and family members and prevent confusion and disputes. No one wants to have disputes that may lead to unnecessary arguments and stress among family members and/or beneficiaries.
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. Testators can revoke their Wills at any time before their death.
How Can I Get 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 our website.
How Long Does A Will Last: Survivorship Period
How long does a will last when the Will-maker is still alive? Beneficiaries cannot inherit the assets unless they live within a specific time frame in the Will. 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. For example, a Will maker can state in their Will that their son can only receive their property if they are alive for 60 days after the Will maker’s death.
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-maker’s.
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 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 former has a right to receive from the estate, while the latter has a duty to it. But, 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.
The role of an executor ends once they have completed all duties related to settling the estate. Testators should make sure to appoint a responsible executor.
How Long Does a Will Last: I Need Help With Probate
Probate is a legal term for determining if a Will is justifiable. After the death of an asset holder, the probate court may appoint the 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 takes to settle and distribute assets. It is very costly to go through authenticating a Will. So it is highly advisable to do so since having a valid Will can make probate processes more swift.
Scenarios That Can Change a Will
There are some scenarios that may automatically change a Will or prompt you to change your Will. Let’s look at these significant life events or major life events as some of these can affect how long a Will lasts:
You married someone
Your wife or husband automatically becomes the next of kin. They can inherit your assets and properties in your Will (though not always). When you have a child, they also become next of kin. If your beneficiary or executor also marries someone, you should also update your Will. Any risk of divorce or separation can affect who can inherit your assets and properties.
You bought properties or estates
Did you recently buy a house or a piece of land somewhere? Then, you should add this to your current Will. You wouldn’t want ambiguity and potential disputes among your beneficiaries on who gets your property. You still need to update your estate planning documents if you renovated your current property to make it bigger. The new extension of your house could still brew disputes and arguments.
Death of a spouse, executor, or beneficiary
You should address any death of a person in your Will, may it be relatives, spouses, beneficiaries or executors. Simply put, deceased spouses or beneficiaries won’t receive anything. Moreover, a deceased executor won’t be able to manage your estate. If these people also suffer from a disability or trauma, you can also provide financial help for them in your Will.
Financial changes
Do you have outstanding loans or debts that you may fail to pay off? Then you can update your Will on how you can deal with them. Your executor will usually pay off such debts or liabilities before they distribute the final amount to beneficiaries.
Click here to read our factsheet on the importance of updating Wills
Your Will’s Validity Will Endure With Our Help
Knowing how long does a Will lasts is very important. In summary, the answer to the question of ‘how long 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 time after the death of the Will-maker.
This is a complicated area in the field of law, on top of the updates or changes one needs to make in their Will because of certain life circumstances. Hence, it’s important to seek legal advice from our experts on Wills and Estate Planning at JB Solicitors. Let us secure your assets and the future of your beneficiaries.
Our team of compassionate experts offers fixed-fee pricing for effective estate planning that tackles these kinds of cases to save you from financial inconveniences.
Contact JB Solicitors today.
