Mon. Jun 17th, 2024
Last Will and Testament

Writing a proper will and testaments is crucial in ensuring that your estate’s possession goes into the right hands. To avoid any confusion and ensure the smooth flow of probate proceedings in the later run, you must consider laying it down in the proper order, citing detailed provisions.

If you’re already contemplating writing Wills and Testaments, you’ve found the right place because we’ve covered everything you must know about probate services and Wills and Testaments.

The professionals suggest that hiring probate services is the best way to have up-to-date Will making solutions. To have a clear understanding, let’s first get into the basics.

What is the Last Will and Testament?

The Last Will and Testament is a legal document that expresses a person’s final desires regarding their possessions and dependents. The Last Will and Testament of a person specify what will happen to their property, including whether they will be left to another person, a group, or donated to charity, and what will happen to other items they are responsible for, such as child custody and financial management. Non-standard or atypical Wills, such as a Holographic Will, are permitted in some states but not in others. Professionals who provideprobate services have extensive knowledge about this and how long probate takes in Victoria. So, you can rely on them from the start to the court proceedings.

What do Last Will and Testament include?

A Will does not need to follow any precise format or contain specific words. Although, the document must reveal the testator’s intention to make dispositions of their property that become viable after his death. As a result, it will consist of the following:

  • Appointment of an Executor to administer the estate and further processing,
  • Assets or properties owned by the testator,
  • Assets or properties that are supposed to be inherited by children, charity trusts, or otherwise, and the distribution ratio,
  • Minors share treatment until they are legally eligible to inherit it, which the testator is liable for,
  • The remaining assets and properties are distributed according to a residual clause.

How should it be carried out?

The primary intention and objective of appointing an Executor are to carry out the testator’s wishes. Hiring probate services can be an option as they can help handle the entire process and tell how long probate takes in Victoria. The Executor has the authority to guarantee that Will’s contents must be carried out accurately. He is in charge of the estate’s administration and is supervised by a probate court to ensure that Will’s desires are carried out appropriately and legally. A probate court is a branch of the judicial system that deals with Will, estates, conservatorships, and guardianships.

What is a legal and valid Will?

To be legitimate, a Will must meet specific standards. If it isn’t legally valid, it can be considered the same as dying without a will. Here are the requirements to make a Will valid:

  • The testator must be of legal age to make a Will.
  • Testamentary capacity: The testator must be sound-minded, which means they must be aware that he is creating a Will that will have an impact.
  • Intent: A person can be efficient to have the intention to form a Will if they intend to make a voluntary transfer of property as a result of their death at the moment of signing.
  • Voluntary: A Will cannot be valid if it is a forced one, it will not be legitimate if it is imposed upon you in any circumstances
  • Property disposal: Proper property disposal among family and friends is required to make a Will valid.
  • Signed, Dated, and Witnessed: A Will must be signed, dated, and have witness signatures to be legitimate. The local rules will determine the number of witnesses.

Types of Wills

According to the experts in probate lawyers who can suggest how long does probate take in Victoria, offer the following are the types of Wills:

1. Simple Wills

A Simple Will may be sufficient for some people, but unfortunately, this is becoming rare. Will makers with little assets, unmarried, in a first marriage or de facto relationship with only children from that connection, and who have a happy family should use these Wills. Simple Wills are not suitable for blended families with a larger asset pool.

2. Complex Wills

A complex Will is a type of Will that provides a more complex formula for asset distribution. Complex Wills may include provisions like a right of occupation that allows a beneficiary to stay in the deceased’s home for the rest of their life before the property is divided among the Will maker’s other heirs.

3. Testamentary Discretionary Trust Wills

Wills that include testamentary discretionary trusts for beneficiaries are more complicated than the primary or complex wills outlined above. The testamentary trusts established by the Will are dormant until the Will maker passes away. At that point, the beneficiary will take their portion of the estate as an outright gift or use their testamentary trust to acquire their share of the estate.

4. Mutual Wills

A mutual Will is defined as a legally enforceable agreement between you and your spouse. It ensures that when one of you dies, your preferred beneficiaries are paid for by your former spouse as per your intentions. Mutual Wills forbid your spouse from amending specific sections of their own Will in most cases.

Mutual Wills can be beneficial in blended families, but they also have drawbacks because they block your Will and force your spouse to an agreed-upon distribution of your property after you die.

Consequences of failing to leave a will or testament

Intestacy occurs when a person dies without leaving a valid Will. When a Will is declared invalid, the state takes over as Executor of the estate. The state decides how to distribute the property and who gets paid first when the estate is settled. Even guardianship plans can be placed by the state with the children’s best interests in mind.

To summarise,

We can conclude that making a Will takes more than an ordinary person knows and it is much more than writing about a wish related to transferring property on a paper. Probate Consultants is the leading team in Australia that can tackle every type of consultation, from helping to make a Will to telling how long probate takes in Victoria. You are just a call away from availing yourself of the best probate solutions with the help of an excellent team of Probate Consultants.