In NSW, a Will is a legal document that sets out how a person's property and assets will be distributed after their death. It allows a person to make specific provisions for the people and causes they care about, such as family members, friends, charities, and other organisations.
A Will typically includes the following elements:
Identification of the person making the Will (the "testator"),
A statement revoking any previous Wills,
Appointment of an executor to carry out the provisions of the Will,
Specific gifts of property or assets to named beneficiaries,
Directions for distribution of the residue of the estate (property or assets that are not specifically gifted),
Contingency provisions in case a named beneficiary predeceases the testator or is unable to inherit,
A statement of the testator's wishes regarding burial or cremation,
Appointment of a guardian of any minor children of the testator.
In NSW, a Will must meet certain legal requirements to be valid. For example, the testator must have legal capacity to make the Will, the Will must be in writing, and it must be signed and witnessed by two independent witnesses.
It is important to periodically review and update your Will to ensure that it reflects your current circumstances and wishes. If you do not have a valid Will, your estate will be distributed according to the rules of intestacy, which may not reflect your wishes and could result in unintended consequences. It is recommended that you seek legal advice when creating or updating your Will to ensure that it is legally valid and properly reflects your wishes.
Avid Law can assist you through the process of making a Will. You can book online, or phone our office on (02) 4350 2612.