It’s important to have a succession plan in place that makes the transition easy not only for yourself but also for your family. At Ryan & Seton Lawyers, we’ll assist you with legally preparing your Will to ensure your wishes are carried out in the event of your passing.
We believe strongly in enabling everyone to ensure that their wishes are properly recorded and, hopefully, carried out in the event of their passing, which is why we offer simple Wills at extremely affordable rates – just $99 for all standard Wills. It’s important to us and we hope it’s also important to you.
You need to make a Will that makes your wishes clear, avoids confusion and conflict amongst your loved ones and is legally valid and binding. Doing this will protect your family and friends from costly and stressful legal disputes at a difficult time in their life.
Preparing Your Will
We know the potential pitfalls and will ask you all the right questions to make sure that your Will is prepared in such a way to help protect your family from expensive estate litigation after your death and we can safely store your Will in our secure vault.
Whilst planning and preparing your Will, we strongly recommend that you also put in place plans for any future incapacity through Power of Attorney and Enduring Guardianship documents. This will ensure that, if you somehow become unable to make decisions about your finances, your medical treatment or living arrangements, then the person or persons who you trust to make these decisions can do so unhindered.
Contact An Award-Winning Central Coast Law Firm
When Preparing Your Will, You Need To Consider:
Executors and Beneficiaries
Validity and Legality
Why Choose Ryan & Seton Law
Wills do not expire, however problems can arise if you don’t update your Will regularly. For example, you may make a gift to someone who predeceases you or a former spouse, you may gift an asset to someone then sell that asset before your death, or a person may be born after your Will is made and your Will may not leave them any part of your estate.
If the terms of the Will can be carried out, then the Will is valid and binding.
If a Will has not been updated for some time, and certain parties (like children or spouses) feel they have been left inadequate financial provisions, the Will can be contested.
You should never edit, amend, alter or write on your Will in any way after it has been made. Any alteration to your Will could have undesirable flow on consequences and there is potential for your alterations to have the effect of revoking your Will entirely.
We generally recommend making a new Will. We want to make sure that the cost of making a new Will is not prohibitive, so our standard Wills cost only $99 each.
The Will fails and cannot be admitted to probate. In that event, the next appropriate persons can apply for Letters of Administration with the Will annexed.
There is usually some complexity with that application, both in the form of the application as well as who or whom should apply to be administrator/s of the estate.
You can be as specific or as general as you like in your Will. Assets that can be dealt with in your Will include:
- Physical assets like cars, property, expensive items
- Financial assets like bank savings, shares, foreign currencies
- Family heirlooms and items that have sentimental value
Importantly, there are some assets which are not ordinarily dealt with by a Will, including your superannuation entitlements, life insurance contracts, and property held in joint names or family trusts.
A Will is automatically revoked in NSW law if the individual marries. The only reason why it wouldn’t be revoked, is if your current Will was made in contemplation (anticipation) of marriage.
A Will is not automatically revoked after divorce, however there are certain aspects that become revoked such as gifts to your former spouse, and the appointment of your former spouse as an executor, trustee or guardian.
Even with these partial revocations, it is still strongly recommended to create a new Will after divorce.
Your Executor or Executors should be someone who is
- Above the age of 18
- Able to make decisions on your behalf if required
It is recommended to choose at least two or three executors, as one may not be available to act when the time comes.