Making a Will

Why make a Will?:

• Without a Will, on your death your assets may not go where you want them to go.
• If a person dies intestate, rules contained in legislation decide how your assets are distributed taking into account your family situation. In Victoria the division of your assets is made according to rules outlined in the Administration & Probate Act 1958. Some examples of the rules are as follows:-
• If you die survived by a spouse* without leaving children, then the whole of your estate will pass to that spouse.
• If you die survived by a spouse* and children, your estate is divided in set shares between that spouse and your children. Your spouse will receive the first $100,000.00, the personal chattels and one third of the balance of your Estate. The children will share the remaining two thirds of the Estate between them.
• If you die and you are not survived by a spouse* or children but you are survived by your parents, your parents will inherit your assets.
• If you die and you are not survived by a spouse*, children or parents but you are survived by brothers and sisters, then your Estate will be divided equally among the brothers and sisters who have survived you.

*Warning: These rules refer only to legally married spouses and do not include a defacto spouse.

The disadvantages of dying without a Will include:

• Your property may not be divided according to your wishes.
• Your children and other minors in your care may not receive the financial and other assistance you would have desired or will take their lump sum payment at eighteen (18) years of age, whereas you may have wished to nominate a later age.
• Your de facto spouse, stepchildren, friends and favourite charities may miss out.
• Your Estate may be administered by someone you disapprove of.
• Not everyone wishes to distribute their assets in accordance with the rules set out in the legislation. The making of a Will ensures that your assets pass to the people of your choice. The rules in the legislation do not take into account that you may have a special person or other friends or even charities whom you wish to benefit.

Members can access a "Write Your Own Legal Will Plus Kit" which will provide you with all you need to write and execute a will, PLUS it will be checked*, registered and stored in safekeeping for its life. This service is available from AussieLegal for $49.95 less a member exclusive 20% discount.

Please click here for more information.

Please note:

• *That AussieLegal will check your Will to ensure it is properly executed and compliant. They are not able to make any comments regarding the content in respect of your intentions or aims.
• The information above has been provided by AussieLegal and is based on information provided by independent legal practitioners either as an article or as an extract from a legal kit available through AussieLegal.