If you want to make a Will in Melbourne or Victoria, you need to be above 18 years of age and have legal capacity which means you are sound of mind, know what a Will is and what it will do.
You can make a Will at our Melbourne CBD office so that your family are financially provided for after you pass away, especially if you have young children or particular preferences on how your assets are to be given to your loved ones. You can instruct the people managing your estate of the tasks required. It also saves the executors and administrators of your estate a lot of time if you have a Will.
But not everyone needs a Will. If you do not have much assets in general, let alone in Melbourne or Victoria, you do not need a Will as there will not be much money in the estate to distribute to people you want to who are called beneficiaries. However, the costs to settle your estate if you do not have a Will may be more than if you have a valid Will.
Generally, you should write or update your Will whenever there is a major life event. This ensures that your Will reflects your situation as much as possible at the time you pass away. For example, if you have bought or sold a home or business you will likely have a preferred way to distribute this asset or proceedings from this asset. Similarly, if you have a new child your Will will likely need to be updated to include them and a guardian for them. In addition, over time you may want to change who receives the benefit from your Will and who will administer your Will as an executor.
If you plan on getting married or divorced, you will generally need a new Will if you already have one.
Failure to have a valid Will upon your death will result in there being an intestacy upon your death, which results in a strict formula being applied as to who will receive your estate. If you do not make a Will, you will not be able to decide who benefits from your estate and the important decisions affecting your estate.
Therefore, you should make a Will if you want to choose who will receive your assets after you have passed away and how much they receive. You can also exclude certain family members provided you comply with the probate rules.
Our notary public Kin Wee Chua has been drafting Wills for over 33 years. You can be rest assured we can draft a Will that reflects your needs. In addition, we can make provisions for assets that are not part of your estate, including family trusts and superannuation death benefits, as well as assist in distributing charitable bequests. If you want your Will to reflect your wishes, it is important you consult a lawyer in Melbourne that takes into account your personal circumstances. We will help you appoint an executor, decide who will receive your assets as well as the timing and manner they receive it. We will also ensure that your Will will be binding by asking you questions and ensuring that the Will directly applies to your situation, by including relevant provisions in the Will when we draft it and it is signed in accordance with the rules.
Please call our office on 03 9602 3988 for a quote. Alternatively, please send us an email at chuatan@tpg.com.au.
You should consider making a power of attorney. Information about power of attorney can be found here. A power of attorney and medical treatment decision-maker appointment can ensure you have someone act in your desired wishes if in the future you are no longer able to do so.
Please call our office on 03 9602 3988 for a quote. Alternatively, please send us an email at chuatan@tpg.com.au. You can read more about what we do here.
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