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Wills & estate planning
New South Wales

/Nsw/Wills/nwep1.htx What is a will?

WHAT IS A WILL?

This fact sheet is general information only. If you need a lawyer, try LawMatch™ a free service that matches you with a lawyer who meets your legal needs and preferences.

What is a will?

A will is a legal document. It allows you to choose who receives your belongings and assets after you die.

A will can also be used to appoint a guardian to look after children until they can look after themselves.

Apart from these obvious advantages, a will can save the expense and possible squabbles that may arise when a person dies without a will.

Should I make a will?

Everyone should have a will. A will is the only way you can tell others how you want your assets to be distributed after your death. It is the only way you can provide for people who may depend on you financially, e.g. children.

Of course it's always easy to put it off. Robert Holmes-a-Court didn't have a will when he died. He'd had one prepared, but he spent months carrying it around in his briefcase and didn't get round to signing it. Fortunately for his wife, his children were prepared to not claim their substantial entitlements under intestacy rules.

Even if you only own a few assets, it's worth making a will so that you can ensure what happens to those assets after you die. If you don't have a will, your assets will be distributed according to intestacy rules. These rules apply to everyone and do not take account of your individual circumstances or what you may have wanted.

A will also allows you to choose a person to manage the distribution of your assets. This person is called an executor. If you don't have a will, your assets are distributed by a court-appointed person called an administrator.

What laws apply?

The Wills, Probate and Administration Act 1898 covers details such as:

The Family Provision Act 1982 deals with wills that do not provide fairly for relatives and dependants of the deceased.

The Public Trustee Act 1913 deals with the duties of the Public Trustee. This is a government office that prepares wills and administers some estates.

Famous wills

Bet you never thought you'd be interested in seeing John Lennon's will, Elvis' will, or what about Jacqueline Kennedy Onassis. You may not be. But if you are, try this link. But remember to come back, there's lots more information to come - to do this click the "BACK" button on the toolbar until you return to this page.

 

Read this: This fact sheet is intended to be general information about the law in New South Wales. It is not substitute for legal or other professional advice. Lawscape Communications P/L does not accept responsibility for loss to any person, who either acts or does not act because of this fact sheet.

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