Late last year the Succession Act 2023 was passed by
Parliament and comes into effect on 1 January 2025.
What is the Succession Act? Whilst there are technical
descriptions for what it deals with, in everyday terms, think all
things related to wills, estates and inheritance. It brings
together what was previously dealt with in three Acts.
In basic terms, when a person passes away, any assets he or she
has comprise that person's 'estate'. What happens to
these assets is typically set out in a person's will.
Whilst a will may say what should happen to these assets, this
is able to be challenged and people can claim that they should
either receive something (when the will does not give them
anything) or receive more from the estate than they have been
(where they are left something in the will).
