IN BRIEF
In a previous article, we examined how statutory wills are able
to be used for asset protection and tax minimisation purposes. In
this article, we outline the types of people for whom an
application for a statutory will might be made and then consider
the prevailing issue of testamentary capacity, a lack of which must
be established before the Court will consider ordering a statutory
will.
What is a statutory will?
To recap, a statutory will is a will that is authorised and
ordered by the Supreme Court for a person who lacks
'testamentary capacity', ie, a person who does not have the
capacity to make a will for themselves. The Court's power to
order a statutory will, or to amend or revoke an existing will, is
governed by Division 2 of Part 2.2 of the Succession Act 2006 (NSW)
(Act).
