The Importance of Having a Will
A Will is a legal document that formally records your wishes as to the management and distribution of your estate following your death. If you die without a valid Will, your estate is referred to as an “intestate” estate and is distributed according to the laws of intestacy, which may not reflect your intentions or the needs of your loved ones.
What happens if I don’t have a Will?
The Succession Act 2006 (NSW) ("the Act") sets out how an intestate estate in NSW is to be distributed, and who can apply to administer an intestate estate. The distribution of an intestate estate (dying without a Will) in New South Wales is governed by Chapter 4 of the Succession Act 2006 (NSW).
Section 112 (Spouse's entitlement where issue are also issue of the spouse): If you leave a surviving spouse and all of your children (issue) are also the children of that surviving spouse, the spouse is entitled to the entire estate.
Protecting Your Family
A well-drafted Will allows you to dictate how your assets should be distributed and specify any other wishes you may have, such as funeral arrangements or who you appoint as guardians of your minor children.
A Will can significantly reduce the emotional and financial stress on your family during a very difficult time. It simplifies the administration of your estate, and in most cases reduces the likelihood of disputes and legal complications.
Wills for Complex Situations or Specific Financial Objectives
A well-drafted Will and tailored estate planning advice can help minimise the impact of taxes and ensure that your estate can be managed efficiently. For larger estates or those with specific asset protection concerns or financial management objectives for beneficiaries, a Testamentary Trust Will, can provide significant value. At CleverMinds Legal Centre we are passionate about how testamentary trusts and how they can assist and provide benefits.
For those with blended families, complex financial situations, or specific wishes about how their estate should be managed, having a Will is crucial. By taking the time to create a Will with a specialist Wills and Estates lawyer, you can provide peace of mind to yourself and your loved ones, knowing that your affairs are in order and your legacy is protected.
Take Control of Your Legacy Today
Contact Cleverminds Legal Centre