Why you can’t afford to put off getting your Will done
Planning for the future might seem overwhelming, but creating a Will is one of the most important steps you can take to ensure your wishes are carried out after you’re gone. In New South Wales, the Succession Act 2006 (NSW) governs the distribution of estates, but having a Will in place gives you control over how your assets are handled. Here are the top five reasons why you should make a Will sooner rather than later:
Ensure Your Wishes Are Fulfilled
A Will allows you to specify exactly how you want your assets distributed after your death. Without a Will, the rules of intestacy under the Succession Act 2006 (NSW) dictates how your estate is divided, which might not align with your personal wishes. By drafting a Will, you ensure that your belongings, property, and finances are distributed according to your preferences, whether that’s to family members, friends, or charitable organisations.
Minimise Disputes and Confusion
The absence of a Will can lead to disputes among family members and potential legal battles, which can be stressful and costly. By clearly outlining your intentions, a Will helps prevent misunderstandings and disagreements among your loved ones. It provides clear guidance on how you want your estate handled, reducing the likelihood of conflicts during what would no doubt be an already difficult time.
Appoint a Trusted Executor
Your Will allows you to appoint an executor – the person responsible for managing your estate, paying any debts, and ensuring your wishes are carried out. Choosing someone you trust to handle these responsibilities can provide peace of mind that your affairs will be managed competently and according to your wishes. Without a Will, the court will appoint an administrator, which may not always align with your preferences.
Provide for Your Dependents
If you have dependents, such as children or a partner, a Will ensures that they are provided for according to your wishes. You can specify your testamentary guardians for minor children and ensure that they are cared for by someone you trust. This aspect of estate planning can offer significant reassurance, knowing that your loved ones will be taken care of in the manner you intend.
Plan for Tax Efficiency
Proper estate planning through a Will can also assist in minimising potential tax liabilities. By structuring your estate thoughtfully, you can potentially reduce the tax burden on your beneficiaries, ensuring that more of your assets go directly to them rather than being taken by the taxman. Consulting with both an accountant and your lawyer can help you navigate the specifics of tax implications and estate planning.
In Summary
Creating a Will is a crucial part of estate planning in New South Wales under the Succession Act 2006 (NSW). It ensures your wishes are respected, minimises disputes, appoints a trusted executor, provides for your dependents, and can assist in tax planning. Taking the time to draft a Will now can save your loved one’s considerable stress and uncertainty in the future. If you’re ready to get started, or have questions about the process, please don’t hesitate to reach out to our office so that we can guide you through the steps and ensure your Will is valid and effective.
KLH & Associates is a boutique law firm based in Castle Hill in the Hills District that offers specialist family law advice. We also practise in the areas of Conveyancing, Wills & Estates, Commercial Law, Building & Construction Law, and Criminal Law. This post is only intended as a general overview and is not intended to be construed as legal advice. If there are any matters that you would like advice on, please contact us on (02) 9894 9133.
