What is a will and what's usually included in one?

Essentially, a will is a legal document that explains "who gets what" after your death. Therefore, it's important to include which assets will be handed to who. Other important information to include is to name someone who will be responsible for carrying out the terms of the will.

Can I prepare my own will without a lawyer?

While you can prepare your will by yourself , you need to ensure it meets the legal requirements of your state. The will should be notarised by a legal professional. If you're unsure about your will then you should consider hiring a lawyer.

Probate is the legal process of executing the will and distributing the estate of a deceased person. The executor is typically named in the will and can be a family member or a lawyer. This person is responsible for paying any debts and filing taxes on behalf of the deceased. Moreover, they oversee the process of distributing the estate.

What happens during the probate process?

Before the estate of the deceased is distributed, the probate process must be completed. What happens during this process is briefly outlined as follows: Authenticating your will. The will must be validated by the Supreme Court. Locating assets. All assets of the deceased are located and valued. Paying debts and filing tax. Any outstanding debts from the deceased must be settled and tax must be filed from the value of the assets. Distribution of estate. Once debts have been paid, the remaining estate and other assets are distributed to those outlined in the will.

What are the probate filing fees in Sydney?

In Sydney and the rest of NSW, everything concerning wills and estates is dealt with by the Supreme Court. A filing fee is payable to the Supreme Court when an application for probate is made. Estate value Filing fee Less than $100,000 $0 Between $100,000 and $250,000 $772 Between $250,000 and $500,000 $1,048 Between $500,000 and $1 million $1,607 Between $1 million and $2 million $2,141 Between $2 million and $5 million $3,568 Over $5 million $5,948 Source: Supreme Court of New South Wales

Can I still challenge a will after probate has been granted?

Yes, it is still possible to challenge a will even after the probate has been granted. If the probate has been granted, then you have to prove why the grant must be revoked. An experienced lawyer can discuss what this process involves and help you challenge a will.

What happens to my assets if I don't have a will in place?

If there's no will upon your death , then the New South Wales Succession Act 2006 outlines the order in which relatives will inherit the assets. This Act states that your spouse will be entitled to your estate. If there is no spouse then the estate is handed to the children. If there are no children then it will be passed on to the parents, siblings and eventually aunts and uncles. The Succession Act 2006 is a fallback option for the government if there is no will. However, it may not be your preferred way of distributing your estate after your death. You may want to contact a wills and estate lawyer to draft a will , plan how your estate(s) will be managed and distribute your estate before it's too late.

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Lukas Reinhardt

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Lukas Reinhardt is a writer at Finder. Lukas has a Bachelor of Science in Environmental Economics from the University of York and a Masters in Industrial Engineering from the University of Cambridge. He’s passionate about all things business, food, and sustainability.

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