The topic of Will and testament in NSW is relevant to those who wish to finalise estate planning. Will and testament in NSW is an essential legal document that outlines the wishes of a person.
Following the death of the person, his/her estate will then be distributed according to his or her wishes. These wishes are clearly laid out in the Will and testament in NSW.
What information does a Will and testament in NSW contain?
- Information about people who the deceased wants to give their assets. Beneficiaries are the ones who receive assets or portion of estate from a Will.
- Names of people who the deceased wishes to give heirlooms or other gifts.
- Information about the person/people that the Will-maker appoints to oversee distribution of assets. Executor is responsible for administering estate of the deceased.
- Specific details about funeral arrangements.
- Information about legal guardian/s in case there are any children under 18 years of age.
How To Make A Will And Testament In NSW?
This section will explain the process of making a Will and testament in NSW. Broadly, there are two approaches to making your testament. Firstly, people can use online templates, also known as do-it-yourself (DIY) Will kits, to make a Will. Secondly, people can approaching estate planning solicitors.
Most importantly, a person needs to gather all information regarding their assets and property. This can include information about real estate, income, superannuation, investments etc.
They will then need to determine which is the best course of action for preparing a Will or testament. While DIY Wills are cost-effective and quick, they do not guarantee that the Will made in this manner will be legally valid.
There are certain rules and regulations that need to followed in each state. In Australia, different jurisdictions have different rules regarding estate planning. For instance, the law governing Will and testament in NSW is the Succession Act 2006.
Eligibility To Make A Will And Testament In NSW
Before a person can make a Will and testament in NSW, they need to fulfil certain eligible requirements. These include:
- Person making the Will must be over 18 years of age. In case the person is under 18 years old, he/she must be married.
- The Will must be in writing. The Will-maker must sign the Will.
- Two witnesses must sign the Will, and must attest the document.
Importantly, the Will-maker needs to have testamentary capacity when making the Will. Testamentary capacity refers to the mental ability of the Will-maker.
Testamentary capacity means that the Will-maker should understand the full legal effects of making and signing a Will. He or she must be aware of all the assets they own including the extent of their assets.
Appointing An Executor
As per the Trustee Act 1925 (NSW), executors must follow many legal obligations. For instance, it is the responsibility of the executor to pay off debts before distribution of assets can take place.
An executor can either be a close friend or relative. Alternatively, people can use professional executors like the NSW Trustee & Guardian.
There are many considerations that you should make before appointing an executor. These include things like age of the intended executor, their willingness to look after the estate, and relationship that they have with the beneficiaries.
Importantly, the executor should have the ability to carry out all the essential duties such as making funeral arrangements, and distributing the estate efficiently.
Frequently Asked Questions
This section provides a summary of frequently asked questions.
Q1 – Do I have to include all family members in the Will?
There is no legal obligation to include family members in your Will. However, if a close member has been left out of the Will, they can file a family provision claim. This way they can contest the Will.
Q2 – What is probate?
Probate is a court order that accepts the Will as a valid Will. The executor can distribute assets after receiving grant of probate. Read more about probate here.
Q3 – What are costs of making a Will?
Depending on the approach you use to make a Will, the costs may vary. To read more about costs in NSW, click here.
Q4 – What happens if I don’t make a Will?
Intestacy refers to the situation wherein a deceased person has no Will in place. In other words, dying intestate refers to dying without leaving a legally valid Will.
As a consequence, intestacy rules will apply. In such cases, there is a hierarchy that is followed during distribution of assets. In NSW, generally, the surviving spouse and children are entitled to receive assets.
Why You Need Solicitors For Estate Planning
Estate planning is extremely important. This is true for both complex estates and simple estates. It helps ensure that assets are divided based on your intentions and wishes. This is important to avoid disputes in the future.
In cases where a person does not complete estate planning, their family members often get into serious conflicts following the death of the person.
Importantly, estate planning goes beyond just drafting a Will. There are other important legal considerations such as appointing a Power of Attorney.
A Power of Attorney can be a trusted friend, family member or other advisor who can act on behalf of the Will-maker for all legal and financial matters. Other legal considerations include family trusts and tax implications.
Moreover, completing estate planning ensures that a beneficiary’s assets can be protected in case they are going through certain legal complications such as divorce, or bankruptcy.
At JB Solicitors, our estate planning solicitors have the experience in crating complex Wills and estates. We will find the perfect strategy for you and help you through all the steps of estate planning.
Our lawyers can help with assessing all assets, creating a Will, keeping the Will in safe custody, reducing tax payable, and nominating a Power of Attorney.
We also offer fixed-fee prices for Complex and Simple Wills. For more information, please do not hesitate to contact our experienced and friendly team of lawyers.
Contact JB Solicitors today.
