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In Gordon, Australia, the law regarding Will & Testament is guided by the Succession Act 2006 (NSW). This law dictates that any competent person over the age of 18 can draft a will. A will is a legal document that details how an individual's estate should be distributed after their death. It can include specific assets, property, and named beneficiaries.
While it is possible to draft a will on one's own, a lawyer can be beneficial in numerous ways. For instance, they can clean up any ambiguous language to ensure your wishes are correctly interpreted. Moreover, lawyers can assist in complex estate planning, including the establishment of trusts and tax planning. If your estate includes overseas properties or involves considerable assets, a lawyer can provide essential guidance. Lawyers also ensure that a will is correctly witnessed and validated as per Australian law.
In Gordon, like the rest of New South Wales, it's crucial to know that your will must be in writing, either typed or handwritten. It must be signed by you in front of two or more witnesses, all of whom must sign the will in each other's presence. If you have a significant life event, such as marriage, divorce, birth of a child or acquiring significant assets, it's recommended to update your will. In case of intestacy (no will), the estate gets distributed according to set laws.
If you die without a proper will, you die 'intestate.' In such cases, your estate is distributed as per the rules laid out by the government, which might not necessarily align with your wishes.
Yes, you can prepare your own will. However, it may be beneficial to seek legal advice to ensure that your will is valid and follows all legal norms.
Yes, you can change your will after it's made. It's recommended that you review your will every 3-5 years or after significant life events.
Yes, it's necessary to include an executor in your will. An executor is someone who carries out the instructions as per your will after your death.
If the named executor cannot or refuses to perform their duties, backup executors named in the will come into play. If no backup executors are named, the court can appoint one.
For additional information and assistance, you can refer to the New South Wales Trustee and Guardian, the Law Society of New South Wales, and the Public Trustee of New South Wales who provide valuable assistance and resources regarding Wills and Testament.
If you require legal advice or assistance in creating, updating or contesting a will, consider seeking help from a law firm specializing in estate planning. Ensure to organize your financial documents and property information before your appointment. It's also prudent to have a list of potential beneficiaries and executor/s for your will.
