Thinking about doing a Will or making changes to your existing one?
Updated: Feb 26, 2019
If you are thinking about doing a Will or making changes to your existing one, now is the time to do it.
Estate planning is important as it allows you to make a decision on how you wish to distribute your Estate in accordance with your intentions.
If you do not make a Will and you pass away, the laws of intestacy apply to how your Estate will be distributed.
In NSW, the laws of intestacy are set out under Chapter 4 of the Succession Act (NSW) 2006.
When you pass away without making a Will, an application for Letters of Administration will need to be made to the Supreme Court of New South Wales, granting the person entitled under the laws of intestacy, Letters of Administration to be able to deal your Estate.
The Letters of Administration will be needed to release property the deceased has at the time of death. This property can consist of real property, commercial property, bank accounts, shares or any other asset the deceased may have.
The process of applying for Letters of Administration can be a timely process, involving various documents to be filed to the Court in order to verify the entitlement to grant Letters of Administration to the person making the application.
This process however can be simplified when you leave a Will as the Court will make a Grant of Probate to the person that you have elected to be the Executor and Trustee of your Estate in your Will.
It is therefore in your advantage to make a Will today as it will give you and your loved ones peace of mind in the unfortunate event that you pass away.
Please call us today on 1300 542 545 for a free consultation in relation to making your Will or advice on Estate planning generally.