What is a Will

will lawyers in Healesville

What is a Will?

A Will is a legal document which sets out who will be responsible for managing your estate when you pass away and what will happen with your assets.

The person (or people) who manage your estate is your executor.

The person or people (or charities or other organisations) who receive part of your estate are your beneficiaries.

Why should I make a Will?

It is important that you make a valid Will so that you can be sure that your wishes are clearly set out and will be followed when you pass away.

If you don’t have a valid Will when you pass away, then your assets will be distributed to the person or people that the current legislation says are entitled to benefit from your estate.

That is, If you don’t have a valid Will, then you don’t get any say in what happens to your estate when you die.

What make a Will Valid?

There are a lot of ‘Do-it-Yourself’ Will services and kits our there, but if your Will isn’t made and signed in accordance with the legislation then it is not a valid Will. If your Will isn’t valid according to the Wills Act 1997 (Vic), then your estate could end up being distributed as though you never had a Will at all.

That is (one of the reasons) why it is so important to get qualified legal advice from a lawyer who practises in Wills & Estates, and not just make your own Will and hope for the

When should I update my Will?

It is important that when you make a Will you read through it every couple of years to make sure it still suits your needs. If it does, great! But if it doesn’t, then you need to update your Will.

If your situation has changed since you made your last Will in any significant way, you should seek legal advice from a Wills & Estates Lawyer because there may be other factors which impact your estate planning which you hadn’t considered.

Some things which can impact your Will include:

  • If you enter into a de facto relationship or get married;
  • If you separate or divorce;
  • If you have children;
  • If your wealth significantly increases or decreases from the time when you made your last Will.

Will my estate go to the government if i dont have a will?

A wealthy Portuguese aristocrat with few friends and no children was so worried that his estate might go to the government that he chose 70 people at random from a phone book to be the beneficiaries of his estate.

However, there is really no need to go to such extreme measures to prevent your estate going to the government. Your estate would only be paid to the government if you have no living relatives.

Of course, if you have a valid Will, then you don’t need to worry about this possibility, even if it isn’t very likely!

Contact us today to book an appointment to discuss your Will.

Call us: 03 5929 7010

Email us: info@yarravalleylegal.com.au