The life cycle of a Will
An essential aspect of estate planning is the life cycle of a Will. Understanding this process can help ensure that your wishes are honoured and that your loved ones will be taken care of.
Creation of the Will
The journey of a Will begins with its creation. The key steps involved are:
- Determining Your Wishes: Consider how you want your assets to be distributed and any specific wishes for guardianship of children.
- Consulting Professionals: While Do-It-Yourself options exist, consulting an estate planning lawyer can help you to consider current and future life changes such as a death of a partner, beneficiary or an executor, your living arrangements, future children of you and your partner, contemplation of marriage and/or divorce/separation as well as if beneficiaries require a trust for their benefit if they have a disability.
Amendments and Updates to a Will
Life changes necessitate updates to your Will:
- Regular Reviews: It’s good practice to review your Will every two to three years or after major life events (marriage, divorce, birth of a child).
- Codicils: Minor changes can be made by way of a Codicil to your Will.
Death and Probate
When the time comes, the Will enters the probate process:
- Filing the Will: After death, the executor files the Will with the Supreme Court of Victoria along with the application for Probate.
- Asset Distribution: Once Probate is granted and after debts and taxes are paid, the remaining assets are distributed according to the Will.
Post-Probate Considerations
Once Probate is complete, there are a few final steps:
- Final Accounting: The executor provides a detailed accounting of all transactions.
- Document Retention: The Executor should keep a copy of the Probate and death certificate for future reference.
Conclusion
Understanding the life cycle of a Will is crucial for effective estate planning. By taking the time to prepare, execute and update as necessary, you can ensure that your wishes are fulfilled and your loved ones are provided for.
If you have any questions about creating or updating your Will, or if you would like to consult with a Wills & Estates Accredited Specialist, please email us.
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The content of this article is intended to provide a general guide only. You should seek advice for your specific circumstances.
