Some key takeaways from the article:
1. Importance of a Will. A Will details the way you want your assets and belongings distributed when you pass away. It can also include information regarding your funeral wishes. The Will must be drafted and executed correctly.
2. Family provision and intestacy. If you die without a valid will, your estate is distributed under the intestacy rules rather than according to your wishes. Separately, even with a valid will, certain eligible people can ask the Court for further provision from your estate if they believe adequate provision was not made for them. Getting advice when you make your will can help reduce the risk of a dispute, for example by recording your reasons for your decisions.
3. Choosing an executor. This is a crucial decision. Choose someone you trust who has the capacity to handle the role. It can be a family member, friend, solicitor or professional executor service, and you should discuss it with them first. An executor remains responsible for administering the estate. A solicitor can help with the process and the legal issues, but engaging a solicitor does not remove the executor’s responsibilities.
4. Keeping your documents safe and easy to find. Keep your will and a list of your assets and accounts somewhere secure where your executor can find them. For digital accounts, keep an inventory and instructions for your executor, but avoid putting live passwords, recovery codes or security answers in your will, because a will can become accessible through the probate process. Ask us about a separate, protected way to record access instructions, check each provider’s rules, and review these arrangements when your accounts or devices change.
5. Distribution of assets prior to death. Individuals may consider distributing assets to loved ones and/or charities prior to their passing to ensure that the assets are distributed according to their wishes. However, this must be done correctly in accordance with your unique circumstances and to safeguard you that you and sufficient funds for the remainder of your life. Remember, estate planning is a complex process, and it is crucial to receive legal advice to make an informed decision about your situation.
Please contact us on (03) 9629 2211 if you have any questions or need assistance with your estate planning, or if you need a will dispute lawyer in Melbourne.
This article provides general information about the law as described above. It is not advice on your circumstances. Laws, procedures and deadlines can change, so please get advice about your matter, particularly before signing documents or where a deadline may apply.
