Why You Should Consider Getting a Will Drafted by a Solicitor
While will-kits may seem like an easy and affordable option, they often fall short when it comes to ensuring your wishes are followed after you pass away. Ambiguous language, improper execution, and failure to address complex estate matters can create significant delays and disputes during probate.
A solicitor specialising in succession law provides tailored advice, drafts a legally sound will, and ensures it complies with strict legal requirements. They can also incorporate important provisions, such as testamentary trusts and guardianship arrangements, to safeguard your estate and your loved ones’ interests.
The pathway to avoiding probate, here’s What You Need to Know…
Avoiding probate in Victoria can save time, money, and ensure smoother asset distribution for your loved ones. Strategies such as joint ownership, trusts, and nominated beneficiary accounts are effective options. Joint ownership allows assets to pass directly to the surviving owner, while trusts provide privacy and control over distributions. Nominated beneficiary accounts ensure specific assets, like superannuation, bypass the probate process entirely. However, each approach has limitations, such as tax implications, legal complexities, or potential disputes. By consulting an estate planning professional, you can craft a tailored plan to protect your assets and reduce the impact of probate.
Can I Exclude Someone From My Will?
In Victoria, while you generally have the right to distribute your estate as you see fit, excluding a family member from your will can lead to legal complications. Under the Administration and Probate Act 1958 (Vic), certain individuals, like spouses, children, and financial dependents, can make a family provision claim if they believe they haven’t been adequately provided for. To minimise the risk of a claim, you can document your reasons for exclusion in a Letter of Wishes, provide a small bequest, or create a testamentary trust.
Challenging a Will: Do You Have a Valid Claim?
Contesting a will in Victoria can be a complex process, but understanding the valid grounds is essential before taking action. Common reasons for challenging a will include lack of testamentary capacity, undue influence, improper execution, and family provision claims. Successful challenges often depend on providing clear evidence that the will does not reflect the true wishes of the deceased or that proper legal procedures were not followed. Whether you're questioning the mental capacity of the testator or feeling inadequately provided for, it's crucial to seek legal advice to determine the strength of your case under Victorian law.
Can a Person with Alzheimer's or Dementia Still Make a Valid Will?
A person with Alzheimer’s or dementia can still create a valid will if they have the necessary testamentary capacity at the time. This capacity depends on their ability to understand the nature of the will, the extent of their assets, and recognise potential beneficiaries. Since mental capacity can vary, especially in the early stages, a will made during a clear period can be valid. To ensure the will’s validity, it’s crucial to involve a solicitor, obtain a medical assessment, and document the process, which helps protect the will from potential legal challenges.
The Application of Survivorship and Its Impact on the Probate Process
In estate planning, survivorship plays a critical role, most importantly, it can streamline the probate process for jointly owned property. When property is held in joint tenancy, the right of survivorship allows for the seamless transfer of ownership to the surviving tenant upon one owner's death, bypassing probate entirely. This can save time, reduce administrative burdens, and provide immediate access to the property for the surviving owner, simplifying estate management.
Does Your Debt Die With You?
Many people assume, and rightfully so, that your debts automatically die with you, unfortunately this is… Wrong!