In New South Wales (NSW), a ‘Will’ is a legal document that sets out how your assets will be distributed after your death. If you are planning to create or update your will in NSW, there are a few things you should know.
1. Who can make a will in NSW:
Any person who is 18 years of age or older and of sound mind can make a will in NSW.
2. What can be included in a will:
You can use a will to distribute your assets, appoint an executor to manage your estate, and make other provisions, such as guardianship for minor children. It’s important to note that certain assets, such as joint bank accounts or property held in a trust, may not be covered by your will.
3. How to make a valid will in NSW:
To make a valid will in NSW, you must sign the document in the presence of two witnesses who are not beneficiaries under your will. The witnesses must also sign the will in your presence.
4. Updating a will in NSW:
It’s important to review and update your will periodically, especially if there are changes in your family or financial circumstances.
5. Seeking legal advice:
It’s a good idea to seek legal advice when creating or updating your will in NSW. A lawyer can help you understand your options and ensure that your will meets the legal requirements.
Overall, creating a will is an important step in ensuring that your assets are distributed according to your wishes after your death. By working with a lawyer and following the legal requirements in NSW, you can create a Will that reflects your wishes and provides peace of mind for you and your loved ones.
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*This article correctly reflects the Laws of NSW as at 24th May 2023.
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