The Brief for Accountants & Financial Planners
November, 2017

No Will? Vic catches up to NSW &Tas...

Two minute scenarios...

As of November 1st, Victoria intestacy legislation is now consistent with NSW and Tasmania.

Scenario One... Patrick

Scenario: Patrick has a 35yo son from his first marriage. He re-married about 20 years ago, and lives with Linda in Victoria.

What's the issue? Patrick died recently and did not have a Will. Under intestacy law, Linda will receive the first $452,000 (approx) and half the balance of his estate. His son will receive the other half.

Solution: Patrick may have been happy with this, but who knows? If he wanted a different distribution he should have had a Will drawn up.

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Scenario Two... and the other children?

Scenario: Patrick and Linda also had two children together.

What's the issue? Under intestacy law any children the deceased had with their current spouse/partner are not specifically provided for under the Act. The presumption is that the partner (their other parent) will do that.

Solution: If Patrick wanted to provide separately for his children e.g., if he is worried about his partner re-marrying and his children potentially missing out on a future inheritance, he should have a Will prepared.

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Scenario Three... but wait there's more..

Scenario: Patrick died without a Will so his distribution wishes have not been addressed.

What's the issue? Patrick's lack of planning has also resulted in the loss of some key testamentary benefits for his beneficiaries.

Solution:  If Patrick had a Will with testamentary trusts prepared, his beneficiaries' inheritance would have been protected from bankruptcy, they could have saved tax, and he would have established some safeguards for potential future family law issues.

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More information for clients

Please feel free to forward this insight on Different Types of Wills to your clients. Or if they would like to discuss how we can help them please call 03 8621 9000 or email with their details and we will contact them, obligation free.

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