Overview
Many young and healthy adults have a mistaken belief that they do not need a Will. When we commence working, we are already building assets, in savings, superannuation/death benefits, vehicles, then a family home purchase etc. Young families travel together and it takes one accident and unfortunately lives are cut short far too soon.
At Saines Lucas Solicitors our considerate and approachable team put you at ease right from the outset. Our Wills and Estates Lawyers guide you through drafting the important elements of your Will. We take the approach there is no such Will as a standard Will. Blended families, estranged beneficiaries, vulnerable beneficiaries are a fact of life. Should you predecease minor children a legal guardian appointed in your Will has the legal authority to care for your children. Your Will should be tailored to you and your family’s specific needs to ensure when you die your Estate passes to the intended beneficiaries.
Why Choose Us
Our team understands that during Estate administration families are grieving for a lost one. It is a difficult time for all, including your appointed Executor. An Executor stands in your shoes and acts in your place to ensure your personal and business assets are dealt with in accordance with the trusts documented in your Will.
Young or old do you think you need a Will now?
As Wills and Estates Lawyers we can also assist with:
- Preparation of Wills
- Preparation of Enduring Power of Attorney Financial and Medical
- Application for a Grant of Probate
- Application for Letters of Administration
- Administration of deceased Estates
- Contesting Wills and Part IV Testators Family Maintenance Applications
Our People
Colleen Harrison Walsh
Wills & Estates FAQs
Why do I need a Will?
Anyone that owns assets should have a valid Will in place. Parents with minor children must appoint a legal guardian in their Wills to ensure they are cared for. If you do not have a Will, your estate may not pass to those you consider should benefit from your estate.
What constitutes a valid Will in Victoria?
The Wills Act 1997 (Vic) prescribes the components of a Will to ensure its validity. A homemade will, or Wills kit purchased from a newsagency or online cannot guarantee the validity of your Will and if invalid the legal costs associated with rectification of a invalid Will can be expensive. This is why it is important for you engage a Wills Lawyer to prepare your will.
Who has the right to see my Will and when?
Whilst you are alive, the only person who has the right to view your Will is yourself. When you pass legislation stipulates who is entitled to have access to your Will. Your Executor will have the initial right to view your Will after your death and our team of Estate Lawyers will guide your Executor as to who is legally entitled to have access to your will.
Is my superannuation included in my Will?
No, superannuation does not automatically form part of your Estate. It is important to ensure that you have a current Binding Death Nomination (BDN) in place. If the BDN lapses during your lifetime, the Trustees of your Superannuation Fund will decide who will benefit from your Superannuation payout.
What are Testamentary Trust Wills?
Testamentary Trusts are discretionary trusts established in a Will that come into effect after your passing, a trust that can endure for decades. It is an important trust for succession planning, that allows Trustees to allocate distributions of capital and income from your estate to nominated beneficiaries over an extended period. It is a type of Will that can assist in protecting your estate from third parties and can also offer tax advantages for your nominated beneficiaries. Testamentary Trust Wills are not for everyone and can become costly if not appropriate for your estate. If you are considering a Testamentary Trust Will you must seek legal advice from an Estates Lawyer and other professionals.
What happens if someone dies without a Will?
The laws of intestacy will govern who will benefit from your estate.
Who inherits my property if I die without a Will?
If your home is registered as joint proprietors, your home will legally pass to the surviving co-owner. If your home is registered to you as sole proprietor, under the laws of intestacy your next of kin will benefit from Estate. If real property is registered as tenants in common as opposed to joint proprietorship, you must have a Will to deal with your share of the property. If you die leaving a spouse and a domestic partner, legislative provisions will apply as to the division of your estate, provisions that may not be as you would have wished for. It is important you engage a lawyer to seek advice on the preparation of your Will.
What does an executor do?
The role of your appointed Executor is to arrange your preferred burial/cremation and service. To obtain a Grant of Probate and attend to all the legal formalities under the guidance of an Estates Lawyer. Once all assets are called in and debts outstanding paid, the Executor distributes your estate in accordance with the trusts contained in your Will. At times it can be a challenging role and it is important you appoint the right person.
What is Probate?
Probate gives an Executor the right to deal with assets such as real property, shares and bank accounts. Real property cannot be transacted on without a Grant of Probate. The Grant issued by the Supreme Court confirms the validity of the deceased’s Will and appointment of the Executor. The Application for a Grant requires a filing fee, advertisement of the intention to seek a grant and various legal documents filed with the Court. A Grant of Probate is not required for jointly owned assets as the surviving co-owner is entitled to full ownership.