What is a Will?
A will refers to a legal document that clearly states how someone would like their assets to be distributed to whomever they please. Various assets that are included in wills are houses, cars, land, various property, money and personal belongings. According to Australian law, a will must only be prepared by who a person is deemed to have ‘full testamentary capacity’(one legal and mental ability to make a will). After someone passes away, the executor(someone entrusted to fulfil the wishes of the will) appointed in that will apply for probate. Once probate has been granted, they will then transfer or sell the assets according to the gifts within the will and distribute these to the relevant beneficiaries.
What makes a will valid?
In order for a will to become valid in Australia it must:
- Completed in writing, (can be either typed or printed)
- Signed by yourself or another person at your direction( another person may only sign however if physically unable to and still must be in your presence.)
- Witness by two adults in your presence when you sign it.
What if there is no will?
In the event that someone passes and does not leave behind a will, the next of kin is required to suitably deal with the assets in the Supreme Court of NSW. If there is no one available to dispose of another’s assets, this is also known as intestacy meaning that the deceased failed to deal with their assets. The court that may be granted the permission to give the power of the assets to:
- NSW Trustee and Guardian
- Any other person that the court sees fit.
So why make a will?
A will is a legal document that can give you a voice in your presence once you die. Reasons someone might want to get a will includes but are not limited to:
- Make sure your assets go where you would like them to go.
- Being able to make sure the people you love are cared for after passing.
- You can leave specific instructions for your family and have a firm voice.
Should you wish to discuss any legal issues, please do not hesitate to contact our offices on 02 8999 9837.