A Will is a document that records how the will maker would like their assets distributed when they pass away. Although the thought of death can be scary, and not something we would like talk and think about, having a Will could be one of the best things you can do while you are alive to help reduce the stress on your family after you have passed.
GW Lawyers can help you in drafting a Will, and having it executed properly giving you peace of mind. If you are thinking of purchasing a DIY Will kit and not engaging an experienced lawyer, then there are some things you should know and consider before deciding to do so. Below are some quick facts and information to help you understand the importance of a proper drafted and executed Will:
- A Will must meet a number of NSW legal requirements in order to be considered ‘valid’.
- No one can actually ‘confirm’ whether a Will is valid unless it goes to the Supreme Court of NSW, and this is usually only once the Will has come into effect.
- You can choose to have more than one executor appointed and we can help you understand their obligations to assist you in making the right choices;
- A Will only takes effect after the death of the will maker, and can be revoked at any time as long as the will maker has the mental capacity to do so;
- If a person dies without a valid Will all their assets (estate) will be divided and distributed in accordance with a formula set out in the intestacy laws.
- If the Will has not been executed properly or the court finds that it is not considered to be ‘valid’, it can delay the distribution of your estate and create additional stress and costs for the executor and your family.
We understand that this may all seem overwhelming and a lot to take in, however it is something important that is overlooked by many people until it is too late. Get in touch with the experienced team at GW Lawyers to help you in drafting a Will today.