Making a will in Victoria ensures your assets are distributed according to your wishes after your death. To create a valid will, you must clearly outline how your estate should be divided, appoint an executor, and follow the legal requirements under Victorian law. Writing a will helps protect your loved ones and ensures your intentions are legally recognised.
Step 1: Understand the Requirements for a Valid Will
For your will to be legally valid in Victoria, it must meet these requirements:
- Be in Writing: Your will must be written, either typed or handwritten.
- Signed and Witnessed: You must sign the will in the presence of at least two witnesses, who also need to sign it. The witnesses cannot be beneficiaries or their spouses.
- Testamentary Capacity: You must be over 18 years old and have the mental capacity to understand the nature and effects of your will.
- Voluntary: The will must be made voluntarily, without pressure or influence from others.
Key Takeaway: Ensure your will meets the legal requirements in Victoria by writing it clearly, signing it properly, and involving independent witnesses.
Step 2: Decide on Your Beneficiaries
Your beneficiaries are the people or organisations you wish to leave your assets to. Take time to decide who will inherit your estate, and consider the following:
- Specific Gifts: You may leave specific items, such as jewellery or heirlooms, to particular individuals.
- Residuary Estate: This includes the remainder of your estate after specific gifts and debts are accounted for.
- Contingency Plans: Specify what should happen if a beneficiary passes away before you.
It’s also a good idea to discuss your plans with your beneficiaries to avoid misunderstandings or disputes in the future.
Key Takeaway: Clearly identify your beneficiaries and consider contingency plans to ensure your assets are distributed as intended.
Need a Lawyer?
Step 3: Appoint an Executor
An executor is the person responsible for carrying out the instructions in your will. Choose someone you trust, as this role involves managing your estate, paying debts, and distributing assets to beneficiaries.
If you don’t have someone suitable, you can appoint a professional executor, such as a trustee company or a solicitor, though this may involve fees.
Key Takeaway: Select a trusted person or professional to act as your executor, as they will manage your estate and ensure your wishes are followed.
Step 4: Seek Legal Advice or Use a Will Kit
While it’s possible to write your own will using a DIY will kit, seeking legal advice is recommended if your estate is complex or if you’re unsure about legal requirements.
A solicitor can help:
- Draft your will to ensure it reflects your intentions accurately.
- Advise on legal implications, such as family provisions or challenges.
- Ensure compliance with Victorian laws.
If you choose to use a will kit, follow the instructions carefully and make sure it complies with all legal requirements.
Key Takeaway: While DIY options are available, consulting a solicitor can help ensure your will is accurate, valid, and legally enforceable.
Step 5: Store Your Will Safely
After completing your will, store it in a safe and accessible location. You can keep it at home, in a secure drawer, or with a professional service like a trustee company. Make sure your executor knows where to find the original copy.
Avoid attaching staples, paper clips, or sticky notes to your will, as these could raise questions about alterations.
Key Takeaway: Store your will securely and inform your executor of its location to ensure it can be easily accessed when needed.
Step 6: Update Your Will When Necessary
Your will should be updated if your circumstances change, such as after:
- Marriage, divorce, or separation.
- The birth or death of a beneficiary.
- Acquiring or selling significant assets.
To update your will, you can create a new will or make a codicil (a legal amendment). Ensure any changes comply with the same legal requirements as the original will.
Key Takeaway: Regularly review and update your will to reflect changes in your life and ensure it remains relevant.
Common Mistakes to Avoid
- Not Including Backup Beneficiaries: Always name alternate beneficiaries in case your first choice cannot inherit.
- Choosing Ineligible Witnesses: Beneficiaries cannot act as witnesses, as this may void their entitlement.
- Failing to Sign Properly: If your will isn’t signed correctly, it may be deemed invalid.
Key Takeaway: Pay attention to details when drafting and signing your will to avoid mistakes that could impact its validity.
Making a will in Victoria is a straightforward process that provides peace of mind for you and your loved ones. By understanding the legal requirements, appointing a reliable executor, and keeping your will updated, you can ensure your estate is handled according to your wishes.
