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Wills
Why should you make a will?
A will is the only way to make sure that your wishes in relation to your possessions are recorded so that they can be taken into account upon your death. This includes what you want to be done with your property, possessions and money as well as your wishes regarding funeral or other arrangements. You can also specify what you do not wish to happen, such as stating that you do not wish certain people to inherit from your estate.
What happens if you don’t have a will?
If you have no will, your assets will be distributed according to legislation, and your intentions will not be taken into consideration. In New South Wales, your assets will be divided between your spouse or partner, children, parents and/or other close relatives. If you have a same sex partner, the law in NSW says that he/she may inherit part of your estate provided that your relationship falls within the definition of a de facto relationship under the law. If it does not fall within this definition, then the surviving partner may have to prove their dependency on you in order to inherit. This is a time-consuming, complicated and costly process, which is decided in court. Therefore, the most practical way of ensuring your wishes are carried out is to draft a will.
Things to think about before making your will
The following are some important points you should consider before making an appointment at HALC to give instructions about your will:
- Who do you want as your executor?
Your executor is the person who will take control of your affairs upon your death and will oversee that your directions in your will are carried out. It is important that you choose someone who you can trust to act in this role. It is a good idea to discuss your intention to appoint someone as your executor with that person before doing so to ensure that the executor will be comfortable and able to take on the role.
- Who do you want to leave your things to?
You can leave your entire estate to one person, or you can divide it up and leave specific gifts to various people and/or charitable organisations. You should take into account what you want to give to each person and also who you wish to take that gift if that person should be unable to receive it. You will need to know the full names and addresses for all the people you wish to leave gifts to in your will in order to complete your will.
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