At law, the concept of "valuable consideration" is fundamental. It is especially relevant in contract law and is one of the essential elements required to form a legally binding contract. Without valuable consideration, a contract can be unenforceable. Definition of Consideration Cons...

The term "notional estate" refers to assets that do not form part of your estate at the time of your death but can be included in your estate for the purposes of family provision claims. In NSW, the concept of notional estate is governed by the Succession Act 2006 (NSW). Notional ...

A beneficiary is a person or entity who is nominated by the testator to inherit a share of their estate or a specific item in their estate (such as a property, cash legacy or pieces of jewellery) under their Will (as a specific gift). Beneficiaries can either be individuals such as family members...

In New South Wales, the requirements for witnessing a Will are outlined in the Succession Act 2006 (NSW). The key points are contained in Sections 6, 9 and 10 of the Succession Act which are the following: 1. Number of Witnesses: A Will must be witnessed by at least two adult indi...

A Will is a legal document used by the willmaker (also known as the testator or testatrix) to make a declaration on the intentions of their wishes upon their death. The key characteristics of a Will include: Revocability: A Will may be revoked by the testator at any time until their death, pr...