It's never too early to think about organising your affairs and creating a will. You might have 50 years left on this earth or 10. Either way, you have to expect the unexpected because life is unpredictable, and the last thing you want is to leave a mess behind for your family. The purpose of estate planning is to ensure that your loved ones are taken care of as you want them to be taken care of. A Will can give you the peace of mind you need and it can help prevent a will estate dispute in the event of your passing.
Experiencing the death of a loved one is up there with life's most stressful experiences. The last thing anyone wants to deal with while grieving is a Will dispute. Unfortunately, many people are left seeking estate litigation lawyers to handle Will estate disputes. It is a complicated process at the best of times, but it is even more complicated when a foster child contests a Will.
When someone passes away with assets in New South Wales, all of their holdings are immediately frozen until they can be administered under their Will. In many cases, the authority must be granted by the NSW Supreme Court before the assets can be released to a legal representative of the deceased estate. This is called a Grant of Probate.
When someone creates a Will, they’re asked to choose someone they trust to act as executor of their Will after they pass away. And as long as the nominated person is competent and over 18 years of age, Will makers are entitled to appoint whomever they want to carry out their final wishes on their behalf.
With around one-third of all marriages ending in divorce, blended families have become increasingly common throughout Australia. With marriages, divorces, separations, and de facto relationships, families are now much more complex structures which often invariably include biological offspring, adopted children, and one or more stepchildren.
A superannuation fund is one method by which Australians can save for their retirement. Your employer sets aside money, 9.5% of your wage, for every year that you work and it is supposed to provide you with a fund to live off of once you retire. The more money you save, the more you will have to rely on when your retirement years roll around. You can withdraw money when you turn 65 or when you retire.
Death comes to us all eventually. Yet it’s still human nature to grieve whenever someone we love passes away. And these emotional moments will likely become considerably more difficult to deal with if you feel you’ve been unfairly provided for in their Will.
When someone dies, their assets, property, money, shares, and everything else they own is described collectively as that person’s estate. In most cases, they will have written a will which has the instructions for how they want their estate to be dealt with after death. The assets and property within their estate become a legacy, bequest, or inheritance which is left to people called beneficiaries.
Have you been named the executor of a Will? Or, are you preparing your Will and wondering who to appoint as your executor? Here we set out what the role of ‘executor’ really means, what you need to do if you are appointed as the executor, and when it may be useful to seek the advice of a Wills and Estate lawyer.