Legal Wills Sydney
What is a Will?
A Will is a written document that specifies how you want your estate to be dealt with upon your death. It allows you to give away some or all of what you own, including your house, money, cars, business holdings, money and personal property. You may also name who you want to act as guardian for a minor.
The Will must specify at least one executor, which is the person(s) nominated by you, to carry out the instructions as set down in your will. The executor is responsible to ensure that your estate is distributed in accordance with your wishes.
You must be at least 18 years or older and of sound mind to make a will. You must also have “testamentary capacity” which means that you must know the property you own, the effect of your will, who the members of your immediate family are and that your will represents your wishes.
The will can be in writing or typed; it must be dated and signed. Your Will should be secured in a safe place and a responsible person, such as your executor, a family member or your next of kin should be made aware of its location. Your solicitor’s safe is the best place to store your will.
What is Intestacy?
To die without a valid Will is known as intestacy and, if this occurs, your estate will be distributed according to the intestacy rules, which may not be as you would have desired and, may be more costly and time consuming than if a valid Will had been made. Your existing Will may be revoked by destroying all copies of it and / or drawing up a new one.
Changing your Will
There may be occasion when your Will needs to be changed such as marriage or divorce, the birth and death of family members and the acquisition or disposal of assets. Any changes to your will must be signed, dated and done in the presence of two independent witnesses (as before) or the changes will be invalid.
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