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In Boronia, as in the rest of Australia, a Will & Testament is a legal document that outlines how an individual wishes their assets, also known as their 'estate', to be distributed upon their death. It can include property, investments, personal belongings, and even guardianship instructions for minor children.
People often require legal counsel for drafting a Will & Testament to ensure their assets are distributed according to their wishes. Other situations could include contesting a will, executing the directives of a will, making changes to an existing will or understanding the complexities of estate planning and tax implications.
In Boronia, the laws surrounding Wills & Testaments are encapsulated in the Wills Act 1997 of Victoria. This legislation details the requirements for a valid will, including that the will-maker must be over 18 years old and of sound mind. The will must also be written and signed by the will-maker and witnessed by two individuals. Beneficiaries should not act as witnesses, as it could potentially void any gifts left to them.
Q1: Can I write my own Will?
Yes, though it's advisable to have a legal professional check to ensure it meets all legal requirements.
Q2: What happens if I die without a Will?
If you die without a valid Will, you die 'intestate'. Your estate is then distributed according to a predefined formula laid out in the law.
Q3: Can a Will be contested?
Yes, there are circumstances in which a will can be contested. It is generally done by family members or dependents who feel that they have not received fair provision.
Q4: How often should a Will be updated?
It's recommended that a Will be reviewed and possibly updated every three to five years, or when significant life changes occur.
Q5: Can I exclude someone from my Will?
You have the right to exclude someone, but they could potentially contest your will. Legal advice is recommended to understand the complexities involved.
The Law Institute of Victoria is a resourceful place to get further insights and resources related to Will & Testament. The Victoria State Government's website also has helpful information pertaining to making a will.
If you require legal assistance with regard to Will & Testament, the first step is to reach out to a legal professional, such as a solicitor, who can provide valuable guidance and help you navigate the process. It's essential to provide clear and thorough information about your assets and how you wish them to be distributed to streamline the process and reduce potential disputes.
