Planning for what happens to your estate after you die is an important step to ensure that your wishes are clear to your family, and to minimise stress and confusion for those left behind. A well-drafted Will is a critical part of this plan.

 

A Will is a formal written document which sets out how you want your property (“estate”) to be distributed when you die. Whilst a Will can appear to be a simple document, there are many formalities which need to be observed to ensure a Will accurately reflects your wishes. This includes ensuring your Will is properly signed and witnessed according to law.

 

Some important considerations include:

 

• Your choice of Executor to seek Probate (the person who will be responsible for enforcing your wishes)
• How your debts will be settled
• How your funeral and testamentary costs will be paid
• Who receives your property, including superannuation
• Gifts to family, friends and organisations which are important to you
• Tax implications of your gifts

 

Creating a valid Will can ensure instructions are in place for care and guardianship of minors and other dependants and is a way to leave gifts to children for when they grow up.

 

What happens if I don’t have a Will?

 

If you die without a Will (or ‘die intestate’), your possessions and assets will be divided as per the Succession Act 2006 (NSW). This Act passes your estate automatically to your spouse or relatives in a prescribed order which may differ from your wishes.

 

Dying without a Will means that gifts cannot be left to friends.

 

Wills for Marriage, Partners and Divorce

 

Having a clear and properly executed Will is important whenever there is a significant change in your relationship. This includes when you are married, or when a marriage comes to an end, and if you are cohabitating with a partner.

 

If you have a blended family, it is important to ensure that your Will reflects care arrangements for any dependents in your household.

 

Emergency Wills

 

If you or a family member believe that there is an urgent need for a Will to be drawn due to illness or injury, please get in touch with us before it is too late to do so. Please call our office and let us know the emergency and we will discuss with you how we can help. Our solicitors often visit hospitals and nursing homes by arrangement.

 

Get started on your Will today  

 

With over eight decades of experience in Estate planning, the team at Redmond Hale Simpson is ready to answer any questions you have about making a Will. We offer fixed price Wills packages.

 

Read more here or get in touch today.