Glaister Legal

Everyone knows that having a properly drafted and legally valid Will is a necessary evil like private insurance or fat pants. You’d rather not think about the day that you need it, but when that day comes, you (or those closest to you) are glad you do. However, many of us find excuses to put off making a Will for another day; or worse decide that a DIY Will Kit is sufficient to properly safeguard your estate and wishes. They are not.

In Victoria, in the event that you pass away without having made a proper Will, you pass away being ‘intestate’. In this case, it is very difficult to deal with the assets of a deceased that are solely in their name. Certain items such as joint bank accounts can still be accessed, however the majority of assets can only be dealt with after someone makes an application to the Supreme Court to be granted a document called ‘Letters of Administration’. This allows them to act on behalf of the deceased similar to if they had proved the deceased’s Will, however there are limitations on what they can and cannot do and it can be a drawn-out and expensive process to obtain the Letters of Administration. Particularly if there is any dispute between family and friends as to who is best to represent you and your beneficiaries. If multiple applications are made i.e. former partners, children or other interested parties, it can result in litigation so that the Court can decide who to appoint, again causing delay and costing money that may be needed after you pass.

In order to prevent becoming ‘intestate’ and to prevent other common Estate matter issues, we recommend that you make or update your Will if:

• You do not already have a properly drafted Will in place;
• You have recently purchased or sold real estate or high value assets;
• You have recently married or divorced (marriage cancels any Will made before it takes place);
• You have had children and wish for them to be properly provided for;
• You have had any other major change in circumstances that affects the value of your assets or how you would like them dealt with after you pass away.

In the event that you already have a Will, it is not as difficult as it would seem to update it. Rather than requiring a completely new Will to be drawn up, you can make a ‘Codicil’ which is usually a short one page document that changes or replaces the contents of your Will or adds new items to it.

Having a Will properly prepared by a lawyer is also vital to preventing disputes and disagreements and potentially costly litigation after you pass away.

If you or someone you know needs to have a Will or Codicil prepared, or if you would like further information, please contact our office for a free no obligation discussion about how we can best help you.