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In Hornsby, Australia, Will & Testament laws govern how an individual's property and obligations will be distributed and dealt with after their death. A Will is a legal document that sets out the executor (the individual who will distribute your estate), beneficiaries (those who will receive your estate), and what they will receive. If a person dies without a will (known as 'intestate'), their estate is distributed according to a pre-determined statutory formula. A testamentary trust can be included in a will and it commences upon the death of the person making the will.
Many complex legal principles are involved in creating a robust Will and Testament. You may require a lawyer to ensure your Will is legally valid, properly reflects your wishes, minimizes the risk of family disputes, and protects your estate from unnecessary tax implications. If you have significant assets, a blended family, or wish to setup trusts or nominate a guardian for young children, additional legal expertise may be needed. An experienced lawyer can also help in the event of a contested will or if there are concerns about the testamentary capacity of the will maker.
Wills in Hornsby are governed by the NSW Succession Act 2006. For a Will to be valid, it must be in writing, signed by the will maker in the presence of two witnesses who also sign the document. In most cases, an executor is named in the Will to distribute the assets (estate) according to the wishes of the deceased. If no Will exists, the estate is distributed according to the Act, usually to the nearest surviving relatives. In addition, certain family members and dependents of the deceased can contest a Will if they believe they have not been adequately provided for. This is known as Family Provisions.
If a person dies without a Will, they are said to have died "intestate." In this scenario, the estate is distributed according to a statutory formula, which might not align with the deceased person's wishes.
Yes, certain family members and dependents can contest a Will if they believe they have not been adequately provided for. This must usually be done within 12 months of the person's death.
Yes, you can change your Will as life circumstances change, such as marriage, divorce, children, or substantial changes in your assets or financial situation.
An executor is a person or institution appointed in the Will by the will maker to distribute their assets after their death, in accordance with their will.
A testamentary trust is a type of trust created by a will. It does not come into effect until after the death of the person making the will.
For detailed advice and resources about Wills and Estate planning, you can consider the New South Wales Trustee & Guardian, the Law Society of New South Wales, and the official Australian government website. Also, the Supreme Court of New South Wales provides specific information on how to apply for a probate or administer an estate.
If you need legal assistance with your Will and Testament, you should contact a local Hornsby lawyer specializing in Wills and estates. They can provide advice that is tailored to your unique circumstances, ensure you understand your legal rights and obligations, and assist you in formally drafting or amending your Will. Don't postpone planning for the future, seek legal advice today to ensure your estate and your loved ones are taken care of.
