Make sure your wishes are clearly recorded

A Will records how you want your estate to be managed and distributed after your death and appoints the Executor responsible for carrying out your instructions. A professionally prepared Will can reduce uncertainty and make the administration of your estate more straightforward.

What Can a Will Cover?

A Will can appoint Executors, name beneficiaries, make specific gifts and deal with the balance of your estate. It can also include testamentary trusts, guardianship wishes, charitable gifts and directions concerning digital, business, company or family trust interests.

Choosing an Executor

An Executor locates the Will, applies for Probate where required, protects estate assets, pays valid debts and tax liabilities, communicates with beneficiaries and distributes the estate. Your chosen Executor should be trustworthy, capable and willing to act, and a substitute should also be named.

Making a Valid Will

In Victoria, a formal Will generally must be in writing and signed with the intention of executing a Will. The signature must be made or acknowledged in the presence of at least two witnesses present at the same time, and at least two witnesses must sign in the Will-maker's presence. The Will-maker must also have testamentary capacity and act free from undue influence.

A document that does not meet the usual formalities may require additional evidence and a Court application, so proper preparation and execution are important.

A Broader Estate Plan

Some assets, including jointly owned property, superannuation, life insurance, company assets and trust assets, may pass outside your Will and need separate planning.

Related Planning

Testamentary trusts can support young or vulnerable beneficiaries, blended families, asset protection or financial management. Related planning may include an Enduring Power of Attorney and a medical treatment decision-maker appointment.

When Should You Review Your Will?

Review your Will after marriage, separation or divorce; the birth of a child or grandchild; a significant change in assets; the purchase or sale of a business; changes to a trust; the death or incapacity of an Executor or beneficiary; or the acquisition of overseas assets. It is also sensible to review it every few years.

What Happens Without a Valid Will?

A person who dies without a valid Will dies intestate. Victorian legislation then determines who receives the estate, and an eligible relative may need to apply to the Supreme Court of Victoria for Letters of Administration.

How We Can Help

◆ Preparing, reviewing and updating Wills, including testamentary trust Wills

◆ Planning for blended families and vulnerable beneficiaries

◆ Advising on business, trust, company and overseas interests

◆ Preparing Enduring Powers of Attorney and medical treatment appointments

◆ Advising on superannuation nominations and safe document execution