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. Intestacy Laws. When creating your Will, you must also ensure you keep in mind relatives which may have a claim to your assets and either provide for them in your Will or detail in a separate document why you are not providing for them. If you do not do this correctly, family members may seek to dispute your Will and seek to have your assets distributed according to intestacy provisions (aka against your wishes).
3. Choosing an executor. This is a crucial decision. You should select someone you trust and who has the capacity to handle the responsibilities. It can be a family member, friend, solicitor or professional executor service. You should discuss the role with the person you are considering before making the decision.
4. Having your documents located in a safe and easy-to-find place. It is a good idea to have a folder or file or in your safe, which includes details of all your assets, accounts (and their passwords) and your Will. This will enable your executor to easily fulfil their duties.
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 content is intended as commentary and should not be construed as legal advice.
For more information call David Henderson on 03 9629 2211.
