Why Do You Need a Will?
When it comes to estate planning, having a will is crucial to avoid complications that may arise in the absence of one. In situations of "full intestacy" or "partial intestacy," the Administration and Probate Act 1958 (Vic) steps in to determine the distribution of your estate based on surviving family members.
The dynamics of modern families vary, making it essential to understand how your estate could be divided if you pass away without a will. The legislation considers factors like partners, children, and other classified family members, taking into account recent separations and new relationships.
It is worth noting that without a will, separated partners may still benefit from your estate, and entering a new relationship could impact the inheritance of your children from a previous relationship. In cases where no partner or child survives, the legislation looks into different tiers of family members, from parents and siblings to grandparents and even the government.
Given the commonality of blended families, careful estate planning becomes imperative. A will is your opportunity to thoughtfully provide for your partner, children, extended family, friends, and charities according to your wishes
Genuine Legal can guide you through the considerations in preparing a will, discussing the benefits of trust-type wills for tax-effective distributions and protection of vulnerable beneficiaries. Ensure your estate reflects your intentions by taking the necessary steps to create a well-thought-out plan.
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