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The Wills & Testament law in Murwillumbah, Australia is primarily governed by the New South Wales Succession Act 2006. This legislation covers a wide range of aspects related to the creation, execution, and administration of Wills and associated Testamentary trusts. Key aspects include the legal age to make a Will, the necessary formalities for drafting and executing a Will, as well as the rules pertaining to the appointment of Executors and Guardians.
Seeking legal help when dealing with Wills & Testaments is often highly recommended. A lawyer can ensure that your Will complies with all the legal requirements, thereby minimizing the risk of any disputes later. They can also offer valuable advice on complex issues such as asset distribution, testamentary trusts, and tax implications. Additionally, if you are chosen as an Executor of a Will, a lawyer can guide you through the probate process and can assist with estate administration duties.
Under the New South Wales Succession Act 2006, anyone above the age of 18 can create a Will. The Will must be in writing and signed by the testator in the presence of two or more witnesses. Should the Will not meet these requirements, it may be considered invalid. Furthermore, any challenges to a Will (contesting a Will), need to be made within 12 months from the death of the person. However, there are some exceptions, in which the court can permit a claim made after this time.
If you pass away without a Will, you are considered to have died intestate. In this case, your assets are distributed according to a pre-determined formula set by the state laws, which may not align with your wishes.
Yes, you can update your Will at any time. However, it is crucial to seek legal assistance to make sure the new Will or any alterations comply with the legal requirements.
Probate is the legal process of proving and registering the last Will of a deceased person in the Supreme Court. This allows the executor named in the Will to manage and distribute their estate.
A Testamentary Trust is a type of trust established by a Will. It comes into existence after the death of the person making the Will. It can be beneficial for asset protection and tax planning purposes.
Under the New South Wales Succession Act 2006, eligible people – typically spouse, children, or people financially dependent on the deceased – can contest a Will. It's advisable to seek legal advice to ascertain eligibility.
You can seek useful information from the following resources:
If you require legal assistance for drafting a Will, updating an existing one, administering a Will, or disputing one, consider seeking the aid of a legal professional. Start by doing a background check on potential lawyers focusing on their experience, specialization, client reviews, and fees. Once you've shortlisted potential candidates, schedule appointments to discuss your situation. After this, you can make a better-informed decision in choosing the right legal professional to suit your needs.
