Do I need a Will?
What is a Will?
Although drafting a Will is often considered a life admin task that most of us tend to delay or even avoid entirely, it is an incredibly significant and powerful tool that will ultimately aid in protecting your legacy once you have passed.
A Will can only come into effect once the Testator (“Will-maker”) has died.
Having a valid Will empowers the Will-maker by allowing them the selection of how their affairs are dealt with once they have died, namely in deciding:
1. The Executor of their Will
2. The Beneficiaries of their Estate
3. Whether they wish to make any specific gifts/bequests
4. Their wishes in relation to the guardianship of minor children (non-binding)
5. Their wishes in relation to the disposal of their body/remains (non-binding).
Simply put, if a person dies without a Will, they have no choice in how their estate is dealt with.
What makes a Will invalid?
There are several situations which impact the validity of the Will, including:
- If the original Will has been lost
- If the original Will is damaged
- If the Will was signed incorrectly, or not witnessed by two independent witnesses.
- If the person creating the Will-maker did not have mental capacity, for example, if they had dementia.
- If the Will was fraudulently created or created under duress.
What happens if there is no Will?
If there is no existing Will at the time of death, the deceased is known to have died ‘intestate’.
In Victoria, the distribution of the estate follows the laws of intestacy. Ultimately, the deceased’s next of kin would inherit their estate.
Worst case scenario, if there is no one eligible next of kin, the estate of the deceased will pass to the Crown (government).
If you think you might benefit from a Will, we thoroughly recommend that you speak with our trusted team of Estate Planning Lawyers.
What do I do with my Will after it is drafted?
Once you have created your Will, it must be signed in the presence of two independent adult witnesses, and ensure it is neatly bound.
It is important to store the Original Will in a safe location and ensure it does not get lost or damaged. You can request for us to store your original Will for you.
It is important to note, your Executor requires your Original Will for it to be valid, a copy will not suffice.
If you’re ready to draft your Will, contact our friendly estate planning Lawyers to discuss how we may assist.
*The above information is general advice ONLY and not tailored to your personal circumstances. Should you require specific advice, you should contact Blueprint Legal.