13. What is a legal will?
A will is a legal document that formally records your wishes for your estate being all of your financial assets and physical possessions will be distributed upon your death.
You may also use a Will to appoint the guardian of your choice to watch over your minor children when you are gone.
14. Who should make a legal will?
If you are a responsible adult of sound mind, you should make a will.
15. What if I pass away without a legal will?
Our law says if you die without having made a will, then you die intestate. This means that your spouse, child or a close relative can apply to the courts to be appointed as the person to handle your estate.
If no one applies to the courts to handle the estate, then a formula determines who gets what if you die without a will. This formula may not be how you wished to have your estate divided.
16. Who is my executor?
Your executor is the person you choose to carry out the instructions specified in your will.
17. Who are my beneficiaries?
Your beneficiaries are the individuals who you choose to receive a portion of your estate.
18. Who should I appoint as my executor?
Usually, will-makers appoint their son or daughter, friend, relative, a professional or trust company as executor. It is important to appoint an alternate executor in case your first appointed executor dies before you or is unable to act.
19. What does an executor have to do?
The executor named in a will is responsible for gathering the assets of the estate, paying for funeral costs, debts and taxes, and distributing the estate’s contents to the beneficiaries named in the will.
20. What is an administrator?
If there is no will found, the spouse or child of the deceased can apply to the court to become the administrator of the estate. An administrator manages the estate in a similar way to how an executor does. The difference is that an executor is chosen by the will-maker whereas an administrator manages the estate only where the deceased made no will.
21. What is a guardian?
If you have minor children, then you can use your will to appoint a guardian for them in case you pass away before they become adults. Usually, an older sibling or parent is appointed as a guardian.
22. What is a power of attorney?
A Power of Attorney is a legal document through which you appoint another person, an attorney to make legal and financial decisions for you during your lifetime. A Power of Attorney (“POA”) can be limited so that the attorney can only make decisions about certain parts of your affairs, for instance only for your property. Alternatively, it can be unlimited to give your attorney authority over all of your legal and financial affairs.
23. What is an enduring power of attorney?
An Enduring Power of Attorney gives your attorney power to act for you even if you become incapacitated through illness or injury.
24. Who should I appoint as my attorney?
A trusted child, parent, spouse or friend. Alternatively, you may prefer to appoint a respected professional such as your lawyer.
Choosing the right person to act on your behalf when you can’t act for yourself can mean the difference between having your wishes met and having important decisions made by someone who may not know your preferences.
25. Can I create a trust in my will?
Whilst not as common, Trust can be an invaluable means of ensuring privacy, limiting estate tax liability, whilst protecting and providing care for your loved ones.
26. What is a probate application?
Probate is the process of proving the originality and validity of a will. It involves a court application to the Supreme Court Registry, who review the will and supporting materials to confirm that the will satisfies all of the formal legal requirements in NSW.
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