Why Making a Will is More Than Just Paperwork
Picture this: You have worked hard your entire life, built assets, and supported your loved ones. But without a valid will, your estate could be distributed according to strict legal formulas rather than your wishes. Family disputes, lengthy delays, and even the loss of assets to unintended recipients are all too common.
Making a will in NSW is one of the most important steps you can take to protect your family, your assets, and your peace of mind.
What is a Will and Testament in NSW?
A will and testament in NSW is a legal document that sets out how your assets will be distributed when you pass away, and who will be responsible for carrying out those instructions. It can also appoint guardians for your minor children and make specific bequests, such as gifts to charities.
If you die without a will, you are considered to have died “intestate,” and your estate will be distributed according to the Succession Act 2006 (NSW). This could mean your estate is shared in ways you never intended.
Requirements for Creating a Valid Will in NSW
To ensure your will is legally binding in NSW, it must:
- Be in writing, whether handwritten, typed, or printed.
- Be signed by you.
- Be witnessed by two people present at the same time, who must also sign.
You must also be over 18 years old and of sound mind, meaning you understand the nature and effect of your decisions.
Step-by-Step: How to Make a Will in NSW
- List Your Assets and Liabilities
Include property, bank accounts, investments, superannuation, and personal items of value. - Choose an Executor
This person will manage your estate, pay debts, and distribute assets according to your will. - Name Beneficiaries
Clearly state who will receive what. This could be family members, friends, or charities. - Appoint Guardians for Minor Children
If applicable, specify who will care for your children if you pass away before they turn 18. - Give Specific Instructions
Include details such as funeral arrangements or personal gifts. - Sign and Witness Your Will
This must be done correctly to avoid disputes later. - Store Your Will Safely
Keep it in a secure location, and let your executor know where to find it.
How Much Does a Will Cost in NSW?
The cost of creating a will in NSW varies depending on complexity.
- Simple wills can be prepared for a few hundred dollars.
- Complex wills involving trusts, business assets, or blended families may cost more.
While DIY will kits are available, they often lead to disputes or invalid documents. Engaging an experienced solicitor ensures your will meets legal requirements and reduces the risk of costly challenges.
When Should You Update Your Will?
Life changes often mean your will should change too. Consider reviewing your will if you:
- Marry or divorce
- Enter or end a de facto relationship
- Have children or grandchildren
- Acquire or sell major assets
- Experience the death of a beneficiary or executor
Risks of Not Making a Will
Without a valid will:
- Your estate may go to relatives you did not intend to benefit.
- The process of finalising your estate may take longer and cost more.
- Family disputes are more likely.
Why Legal Advice Matters
At Green & Associates, we have seen first-hand how unclear or invalid wills can cause unnecessary stress for grieving families. By creating a will in NSW with expert guidance, you can be confident that your wishes will be respected, your loved ones will be protected, and your estate will be managed efficiently.
Key Takeaways
- A will and testament in NSW ensures your assets are distributed according to your wishes.
- The process for making a will in NSW includes strict signing and witnessing requirements.
- Costs vary depending on complexity, but professional advice is a worthwhile investment.
- Updating your will after major life changes is essential.
- A well-prepared will can prevent disputes and provide peace of mind.
Ready to Create Your Will?
If you are considering creating a will in NSW, our team at Green & Associates can guide you through every step. From simple wills to complex estate planning, we ensure your document is legally sound and tailored to your needs. Call us on (02) 8080 7585 or contact the G&A team today, to get started.
