If you are looking to draft or update your will, we can help.
Preparing a will that sets out your wishes can eliminate a great deal of stress on those left behind.
As wills and estate lawyers in Melbourne with extensive experience in drafting wills for Australians, we are able to guide you in all will related matters to ensure that your will is suitable for your situation, is drafted according to the law, is valid and will stand up in court, and is administered according to your wishes.
A will, otherwise known as a last will and testament, is a key component of estate planning and is a legal document that outlines a person’s wishes regarding the distribution of their assets, property and possessions, and the management of their affairs after their death.
Key aspects of a will typically include:
Certain types of wills can extend a greater level of control and protection over the distribution of assets to vulnerable beneficiaries who may be subject to spousal claims or creditors – in these circumstances we can assist you with the creation of a testamentary trust in your will.
A ‘Standard Will’ is a will prepared in accordance with your instructions for an uncomplicated, straightforward estate and includes:
The following circumstances are not considered part of a “standard will”:
Creating a will is an essential part of planning for the future and ensuring that your loved ones are taken care of after you’re gone.
Losing a loved one is an incredibly difficult and sad time. During this time of grief, the last thing your family and loved ones should have to endure is sorting everything out when you die in the absence of a will.
While having a will is not mandatory, not having one often leads to complications, unintended consequences and potential conflicts.
By creating a will, you have greater control over your legacy and will ensure that your assets are distributed according to your wishes.
Some of the top reasons to have a will include:
If you die without leaving a will in Melbourne, your estate will be subject to intestacy laws, which means that the distribution of your assets will be determined by the law rather than your wishes.
The intestacy laws in Victoria are set out in the Administration and Probate Act 1958 and are based on a hierarchy of relatives who are entitled to inherit your estate.
If you are survived by a spouse or domestic partner, even if you have children together, your surviving spouse or domestic partner will generally be entitled to the whole of your estate.
If you have children from a previous relationship, your current spouse or domestic partner will be entitled to the first $451,909 of your estate, plus half of the balance. The other half of the balance will be divided equally among your children.
If you are not survived by a spouse or domestic partner, your estate will be divided among your children equally.
If you do not have any children, your estate will be distributed to your next of kin in the following order: parents, siblings, grandparents, aunts and uncles, and cousins.
The court will also decide who will look after your minor children (if you have any) and appoint guardians. The court will typically give preference to close family members, including grandparents, adult siblings, aunts, uncles, or other relatives who are deemed suitable and willing to take on the responsibility.
It is also important to note that if you die without leaving a will, your estate is likely to be subject to additional expenses and delays associated with the probate process. This can ultimately reduce the value of your estate and result in a less favourable distribution of your assets, as well as additional stress for your successors.
When creating a will, it is important to consider various factors to ensure that your wishes are accurately reflected and your estate is properly managed.
Important things to take into account when creating a will:
There are a number of reasons why you may need to update your will from time to time. The most common times for a will to be updated are after significant life events such as marriage, divorce, birth or adoption of children or the acquisition or sale of assets of significant value.
Updating your will after these events will ensure that it is up to date and accounts for the changes that have occurred.
It is also a good idea to regularly review your will in order to ensure it is up to date, even if major events have not happened. So if it has been a few years since you last updated your will, it would be a good idea to go over it.
The first option is to create a codicil, which is a separate legal document that is used to make changes or amendments to an existing will, without revoking the entire will itself. It allows you to modify specific provisions of your will while keeping the rest of the document intact.
The primary purpose of a codicil is to update or revise certain aspects of your will without requiring a complete rewrite or the creation of a new will. It is useful when you want to make minor changes or additions to your existing will.
A codicil must be executed with the same formalities as a will in order to be valid.
Your other option is to create a new will that explicitly revokes any previous wills and includes the updated provisions.
Writing a new will can be a good option if:
As experts in the field of will and estate law, our lawyers will ensure that everything is taken care of when it comes to your will.
Our team works with you to find out about your particular circumstances and helps you draft a personalised will that is specifically designed for your situation, while explaining everything you need to know in clear, plain English so that you are aware of what you are doing and why.
We have worked with countless Australians to draft wills and create effective succession plans, from simple standard wills to complex trust and estate arrangements, to ensure that their wishes were carried out after their passing. We will do the same for you.
Our experience in will and estate law allows us to advise you as professionals on the best course of action to take to ensure there are no unwanted surprises for your loved ones when it comes time to distribute your assets.
Our will drafting solutions are affordable and will ensure that you are able to draft a will without finances being a preventative factor.
FEE Includes ADVICE, DRAFTING, WITNESSING EXECUTION AND STORAGE OF ORIGINAL DOCUMENTS IN SAFE CUSTODY
Two *standard wills:
*FROMÂ $990
COUPLES *STANDARD Wills & Powers of Attorney package (INCLUDING MEDICAL): *FROMÂ $1900
FEE Includes ADVICE, DRAFTING, WITNESSING EXECUTION AND STORAGE OF ORIGINAL DOCUMENTS IN SAFE CUSTODY
* ADDITIONAL FEES APPLY FOR NON-STANDARD WILLS AND Testamentary trust WILLS AND FOR Advice on assets held in trusts, SMSFs, companies and partnerships – A QUOTE WILL BE PROVIDED BASED ON YOUR SPECIFIC CIRCUMSTANCES AND INSTRUCTIONS
Powers of Attorney
Powers of Attorney &Â Appointment of Medical Treatment Decision Maker:Â
FROMÂ $330
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