A Will is one of the most important documents you will ever prepare. It ensures your wishes are respected, your family is provided for, and your estate is distributed in the way you choose. Without a valid Will in Victoria, the law decides who inherits your assets, which may not reflect your true intentions.
At Hemmings Legal, we believe every adult should have a Will, no matter their age or financial circumstances. Here are the key reasons why.
Provide for Your Family and Children
The primary reason to make a Will is to make sure your loved ones are looked after. A Will allows you to:
- Decide who inherits your assets.
- Appoint guardians for young children.
- Set up trusts to provide ongoing financial security.
- Reduce the risk of disputes among family members.
If you have children, a Will ensures that decisions about their care are made by someone you trust, rather than leaving it to the courts.
Related reading: Common Reasons to Update Your Will.
Decide Who Gets What
Do you have a family heirloom, jewellery, or a treasured piece of furniture that you want to pass down? A Will allows you to leave specific gifts to particular people. This could include:
- A sum of money.
- Personal belongings.
- Family treasures with sentimental value.
By clearly setting out your intentions, you reduce the chance of disagreements or hurt feelings between loved ones.
Control How the Rest of Your Estate is Distributed
After specific gifts are made, the remainder of your estate is called your residuary estate. In your Will, you can direct how this residuary estate should be divided among your beneficiaries. This ensures that every part of your estate is accounted for.
If you would like more information on how estates are finalised, see our article on probate in Victoria.
Choose Who Will Carry Out Your Wishes
An important feature of a Will is that you can appoint an Executor – the person responsible for carrying out your instructions. Your Executor’s role includes:
- Applying for probate.
- Collecting and managing your assets.
- Paying debts and expenses.
- Distributing your estate to beneficiaries.
Choosing the right Executor is essential. You may want someone who is organised, financially capable, and trusted by your family. If you do not appoint an Executor, disputes can arise over who should take on this role.
For more detail on what Executors do, see our blog on probate in Victoria.
Avoid Family Disputes
Unfortunately, estates without Wills can often lead to conflict. A clear Will helps prevent arguments between family members by removing uncertainty and providing clear directions. By preparing a Will, you are protecting not only your assets but also family relationships.
Peace of Mind for the Future
Ultimately, writing a Will gives you peace of mind that your wishes will be followed after you pass away. It is a practical step that shows care for your family and ensures that your legacy is managed the way you intend.
Key Takeaway
A Will is not just about money or assets – it is about making things easier for the people you love. By preparing a valid Will in Victoria, you take control of your estate and reduce stress for your family during a difficult time.
At Hemmings Legal, we make the process straightforward and supportive. Contact us today to prepare or review your Will and ensure your wishes are respected.
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