If you do not have a will, there are set formulas for how your estate will be divided. It is important that you prepare a will so that you know exactly what will happen to everything, and so that you can ensure that your loved ones will be looked after if you pass away.
If you have a house, car, a business, or any items of value, it is important that you write a will.
Our lawyers have drafted thousands of wills and estate plans. We have experience with everything from simple wills to complex arrangements with blended families and testamentary discretionary trusts.
Writing a will can be an important tool to give you peace of mind. It is a legally binding document that sets out things such as who will oversee your estate and what powers they will have when administering it, who will receive your assets and on what terms, who will get to look after your children, who will look after your pets, and how your funeral or other arrangements are to be handled.
In order to be binding, a will must be written in accordance with the strict requirements set out in the relevant state legislation, such as the Succession Act 2006 (NSW).
Wills can be simple, often just giving everything to family members, or can be incredibly complex where they establish new legal structures on death such as testamentary discretionary trusts, which can be used to provide asset protection or used as a tax effective vehicle to transfer wealth to future generations.
Click here to learn more about the importance of wills and their legal requirements.
Thornton and King have a team of wills and estate lawyers with decades of experience in writing wills, contesting wills, and administering wills.