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.
​What Is a Will?
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:
- Appointment of an Executor who is responsible for administering the estate
- Specifics of how the person’s assets should be distributed including property, money, investments, personal belongings, and other possessions
- Designation of a guardian for minor children
- Residual estate and how it should be distributed
- Revocation, updates and codicils
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.
What Is a Standard Will?
A ‘Standard Will’ is a will prepared in accordance with your instructions for an uncomplicated, straightforward estate and includes:
- Appointment of one or more individuals (including your current partner or spouse) as executor and appointment of a ‘back up’ executor in case the first appointed executor can’t act or predeceases you
- Appointment of a guardian for any minor children you may have
- Specifying the type of funeral and burial you want
- Straightforward gifts to one or two beneficiaries (if desired)
- Giving the balance of your entire estate (after debts and gifts) to one individual (for example spouse or partner) and then to your children or grandchildren equally if that person has not survived you, or to another individual in substitution if no named beneficiaries have survived you; and
- Stating age conditions for when minor beneficiaries may receive their inheritance (i.e. 18, 21 etc)
When Is a Will Not Considered A Standard Will (Otherwise Known As a Complex Will)?
The following circumstances are not considered part of a “standard will”:
- Blended families – if you or your spouse or partner have children from previous relationships
- Life interest – if you wish to include provisions to allow someone to live in one of your properties for the remainder of their life (whilst gifting beneficial ownership of that property to someone else in your will such as a child)
- Testamentary trust – if you wish to include a testamentary trust in your will so that the beneficiaries receive their inheritance in a way that allows them to save tax on the income they earn on their inheritance, or to take advantage of other benefits and protections available under a testamentary trust
- Assets held in trusts, SMSFs, companies and partnerships – these assets can’t be dealt with in your will and further advice will be required on how you can protect and control these assets
- Excluding a beneficiary – if you are leaving someone out of your will such as a child, spouse you are separated from (but not yet divorced) or other similar class of beneficiary then further advice and special drafting in your will is required.
Do You Really Need a 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:
- Having control over what happens to your assets
- Appointing an executor you trust to manage your estate
- Providing for minor children and ensuring they are taken care of by someone you trust and who shares your values
- Minimising taxes and expenses associated with the probate process, which can ultimately maximise the value of your estate
- Peace of mind knowing that your loved ones will be taken care of according to your wishes
What Happens If You Die Without a Will (Intestacy)?
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.
Factors to Consider When Creating a Will
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:
- Assets and Property: Take stock of all your assets including real estate, bank accounts, investments, business interests, personal belongings and digital assets. Consider how you want these assets to be distributed among your beneficiaries.
- Beneficiaries: Determine who you want to include as beneficiaries in your will. This can include family members, friends, organizations or charities. Be specific about what each beneficiary should receive or establish proportional distribution if applicable.
- Guardianship of Minor Children: If you have minor children, consider who you want to be their guardian in the event of your death. Discuss this responsibility with the potential guardians beforehand to ensure their willingness and suitability.
- Executor: The executor will be responsible for administering your estate, distributing assets, paying debts, and handling any legal matters. Select a trusted person to serve as the executor of your will, and ensure the chosen executor is willing and capable of fulfilling these duties.
- Special Considerations: If you have specific considerations, such as providing for a disabled family member, setting up trusts, or making arrangements for pets, outline these in your will.
- Tax Implications: Consider the potential tax implications of your estate plan, such as capital gains tax, inheritance tax, or superannuation (super) tax.
- Contingency Plans: Plan for contingencies by including alternative beneficiaries or instructions if your primary beneficiaries are unable to inherit. This can be important in case of unforeseen circumstances, such as a beneficiary passing away before you or disclaiming their inheritance.
- Documentation and Witnesses: Follow the legal formalities required in order for the will to be legally valid. Ensure that your will is in writing, signed by you, and witnessed by at least two independent adult witnesses who are present at the time of signing
Updating a Will
When and Why You Need to Update 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.
How Do You Update a Will?
Codicil
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.
New Will
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:
- You want to make major changes
- Your existing will has become disorganised or difficult to follow due to multiple codicils or numerous amendments over time
- You want to revoke all previous wills and start fresh
- Your existing will is complex or contains convoluted provisions that no longer accurately reflect your wishes and you want to simplify it
- You wish to change your executor or guardian appointments
- You have not reviewed your will in a long time or your circumstances have significantly changed and you want to start from scratch
How Our Lawyers Will Help You Draft a Valid Will
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.
Types of Wills We Can Help You With
- Wills for individuals
- Wills for couples
- Wills for those with blended families - we can provide advice and options available to your specific family circumstances, including how to provide for children in a blended family situation
- Testamentary trust wills - where a greater level of control and protection is required over the distribution of assets to beneficiaries (including advice on protection of assets from creditors and spousal claims)
- Solutions to complex situations
How Much Does Drafting or Updating a Will Cost?
Singles
- One *standard Will: FROM $550
- SINGLE *Standard Will, & Power of Attorney package (Including medical): FROM $990
FEE Includes ADVICE, DRAFTING, WITNESSING EXECUTION AND STORAGE OF ORIGINAL DOCUMENTS IN SAFE CUSTODY
Couples
Two *standard wills:
*FROMÂ $990COUPLES *STANDARD Wills & Powers of Attorney package (INCLUDING MEDICAL): *FROMÂ $1900
FEE Includes ADVICE, DRAFTING, WITNESSING EXECUTION AND STORAGE OF ORIGINAL DOCUMENTS IN SAFE CUSTODY
Extras
* 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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