Wills in NSW are legal and written documents that represent the Will-maker’s last wishes and intentions for their assets and property. A testator’s family and friends are important to them and their Will is the perfect representation of what they want to give or say to them. Some people may also think that they don’t have much to give away after passing. However, creating a Will is important, regardless of financial or social status. Sharing an estate becomes more problematic as people get older and have more significant ties. Hence, if there is no Will left (dying intestate), the government will be the one to decide how to distribute a deceased’s assets and property. Some people may think that making this legal document just involves writing down what they own and then specifying who receives it. However, there’s more to making a Will than just these simple steps. In this short article, we outline one of the important processes involved in making a Will, i.e. appointing an executor.
Making Wills in NSW: Appointing an executor for Will
Executors are responsible for carrying out instructions about asset distribution and administration of deceased estate. Testators may appoint an executor or more than one executor to legally represent them after their passing.
The executor will apply to the Supreme Court of NSW before administering a deceased’s estate. Here are some of their common responsibilities:
- Ensure that all assets including the deceased’s property are safe and obtain insurance protection when needed
- Identify and account for all assets and liabilities which typically includes written confirmation from banks, financial institutions, insurance companies, share registers, title offices, and creditors.
- Pay debts to creditors, funeral services, income tax, fees for estate administration, and out-of-pocket expenses
- Establish trusts for beneficiaries
Executors are also responsible for obtaining probate for Wills in NSW. Probate is the legal process of validating a Will.
Some financial institutions and land registries typically require probate because they hold the deceased’s property and remaining finances.
The Succession Act 2006
According to Section 54 of the Succession Act, executors must also provide copies of the Will upon request:
- Any person named or referred to in the Will as a beneficiary
- The surviving spouse
- A parent or guardian of the deceased person
- Any person who would be entitled to a share of the deceased’s estate if the deceased died intestate
- Any parent or guardian of a minor referred in the Will as a beneficiary
- Any person who may have or has a claim against the deceased’s estate
- Creditors
It’s important to know that Wills in NSW needs to undergo careful consideration and writing since beneficiaries greatly depend on its contents. With all the legal requirements and legal agencies involved in making a formal Will, it’s important to consult Wills and estate lawyers for legal advice.
Experienced lawyers can assist with all the legal matters related to Wills in NSW. They can also assist people who want to contest or challenge a Will. Family lawyers help in planning your estate to ensure legal compliance and peace of mind.