What is a Will?

A will is a formal document created by an individual, known as the testator, that directs how their assets and property should be distributed upon their death. In New South Wales, the Succession Act defines a will as a written declaration that includes not only the traditional will itself but also a codicil (an amendment to a will) or any testamentary disposition. This allows a person to have clear control over what happens to their estate, ensuring their wishes are respected.

Purpose and Nature of a Will

The primary purpose of a will is to manage the distribution of a person’s property after they pass away, safeguarding their intentions for loved ones and any specific causes or charities they wish to support. It also enables the appointment of an executor, a trusted individual responsible for overseeing the process of settling the estate, paying any debts, and carrying out the instructions laid out in the will.

Without a valid will, intestacy laws come into effect. This means that the government steps in to determine how the estate should be divided according to a set statutory formula. For individuals in New South Wales, this process is governed by Chapter 4 of the Succession Act.

Probate and the Role of the Court

Once a will is created and the testator passes away, it must be admitted to probate by the court. Probate is the official validation of a will, which grants the executor authority over the deceased’s assets. If there is no will, the court may appoint an administrator to handle these duties.

Through probate, the executor gains legal title to manage the estate as of the date of the testator’s death. This includes paying outstanding debts, covering funeral and other expenses, and distributing assets to the beneficiaries named in the will.

In summary, a will is a legally recognised document that not only expresses a testator’s wishes but also ensures the proper administration of their estate. Creating a will provides security for loved ones, clarity in asset distribution, and a lasting reflection of one’s intentions.