Wills & Estate Planning

Nobody likes to think about it, but inevitably one day you will have to leave the management of your legal and financial affairs in someone else’s hands. Having a valid Will and an effective estate plan can help avoid uncertainty for your family and make the process of aging and estate administration much easier for all involved.

The process of creating a Will and estate plan can be complex, but this is an essential step to ensure that your assets are distributed according to your wishes and that your loved ones are provided for after you die.

It is important to understand the law surrounding wills and estates in Victoria. The Wills Act 1997 (Vic) sets out the requirements for a valid Will, and the Administration and Probate Act 1958 (Vic) governs the process of distributing an estate. There are a number of essential steps to ensure that your Will complies with these laws to avoid any disputes or legal challenges.

Seek Expert Advice

It is important to seek professional advice when creating a Will and estate plan. We have a depth of experience in this area and can help you navigate the legal requirements and provide guidance on the best approach for your specific circumstances. We can also help you to avoid common mistakes that could lead to unintended consequences and to take steps to minimise the potential for disputes after you die.

Choose an Executor

An executor is responsible for administering your estate after you die, and it is important to choose someone you trust and who has the necessary skills to handle the task. Your executor will be responsible for managing your assets, paying any debts and taxes owed, and distributing your estate according to your wishes.

Plan for Incapacity

In addition to planning for after your passing, it is also important to plan for the possibility of incapacity. This may involve appointing an enduring power of attorney and enduring power of guardianship to ensure that your affairs are managed by someone you trust if you become incapacitated.

Keep Your Will Up-to-Date

It is important to review and update your Will regularly to ensure that it reflects your current wishes and circumstances. Life events such as marriage, divorce, the birth of children, or changes in financial circumstances can all impact your Will and estate plan.

Consider Tax Implications

It is important to consider any tax implications of your Will and estate plan. An accountant or tax lawyer can advise you on the tax consequences of your decisions, such as the capital gains tax implications of leaving certain assets to specific beneficiaries.

Communicate with Your Loved Ones

It can be helpful to communicate with your loved ones about your Will and estate plan, especially if there are any potential conflicts or issues that may arise. This can help to avoid misunderstandings and ensure that your wishes are understood and respected.

Administering an Estate

After a person dies, someone needs to look after their property and finalise their financial and legal affairs. We can assist you with this process, whether you are the executor appointed under the Will of a deceased person, or a family member of someone who has died without leaving a Will.

Before administering an estate, you may need a grant of probate from the Supreme Court. Probate authorises the executor to deal with the estate assets and distribute them according to the Will. If someone dies without leaving a Will, this is referred to as dying intestate. In such cases, the next of kin may need to apply to the Supreme Court for letters of administration before dealing with the estate. The law of intestacy provides a statutory formula for the distribution of assets from an intestate estate.

If you need assistance, contact [email protected] or call 0414 939 448 for expert legal advice.