Whilst it can be a difficult topic to discuss with loved ones, having a will in place can give you peace of mind, and ensure your loved ones are provided for after your passing. It can also unburden them during a difficult time in their lives, and ensure your wishes are executed. So, if you’ve been putting it off, now’s the time to get the answers to the most common questions and book an appointment to have your will made today.
What is a will?
A will is a legal and binding document that contains your last wishes regarding how your property is to be distributed after your passing, and who you nominate as your executor and trustee. The job of the executor and trustee is to make sure your property is safe and secure after you pass, and to make sure your wishes, as contained in your will, come into effect.
When do I need to make a will?
Some people think a will is only for the very wealthy (or the very old), but the truth is that everyone should have a will. It’s never too early, or even too late, to have a legal and binding will in place. There are many reasons to make a will, including:
- Letting your family and friends know who you want to be the executor of your estate, your wishes after you pass and who your assets and property will go to.
- To reduce potential conflict between family members over your estate.
- To protect the interests of your children, especially if you have a blended family.
- Avoid loved ones feeling disappointed if they do not receive an inheritance if you do not make a will.
Can someone challenge my will?
In New South Wales, people have the right to challenge a will if they meet certain criteria. They must be connected to you as either a spouse, de facto, child, former spouse or de facto, or a person in a close family or personal relationship with you. There is an extensive list of factors the court will consider in making a decision to vary a will, which includes the nature and duration of the relationship, the size of your estate, the character and conduct of the person challenging your will and more. To limit the risk of someone successfully contesting your will, ensure you obtain advice in preparing and structuring your will.
Do you need help making a will?
A will can provide you and your family significant peace of mind. The team at Seton Family Lawyers can help prepare your legally valid and binding will, power of attorney or an appointment of enduring guardian. This can help protect your family from stressful legal disputes at an already difficult time in their life. Contact us today to book an appointment with our experienced lawyers, located in the heart of Erina, NSW.