[VIC] Recommend a lawyer to prepare a simple will

Discussion in 'Wills & Estate Planning' started by rizzle, 20th Jan, 2020.

Join Australia's most dynamic and respected property investment community
  1. rizzle

    rizzle Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    332
    Location:
    Melbourne
    Melbourne located ideally.
    It's a simple will with no trusts, no businesses, no children or future children.
    Budget is the main priority (but I don't trust the cheapo will kits).
     
  2. Marg4000

    Marg4000 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,666
    Location:
    Qld
    Are you in a Union?
    They often offer free access to a solicitor for a basic will.
     
    significance likes this.
  3. rizzle

    rizzle Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    332
    Location:
    Melbourne
    I'm not, but thank you I was not aware of this.
     
  4. thatbum

    thatbum Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    4,901
    Location:
    Perth, WA
    Terry will probably have a heart attack I'm suggesting this, but have you considered just going with the intestacy rules for your state?

    Cheapest "will" there is. And jokes aside, might be all you want anyway.
     
    rizzle likes this.
  5. Ross Forrester

    Ross Forrester Perth business advisor and founder

    Joined:
    30th Oct, 2016
    Posts:
    2,079
    Location:
    Perth, Western Australia
    The Salvation Army have wills and estate days. They can help.
     
    rizzle likes this.
  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    35,787
    Location:
    Australia wide
    I thought about this too. Sometimes the intestacy rules are safer than a 'cheapie'
     
    thatbum likes this.
  7. Marg4000

    Marg4000 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,666
    Location:
    Qld
    One simple thing you can do for free is to nominate a binding death beneficiary to your superannuation.
    Most superannuation has life insurance attached, so the payout is often far higher than the balance, and an often overlooked asset.
    “I don’t need a will, I don’t own much”!
    For a younger person it can be a few hundred thousand and forms the major part of their estate.
     
    hobo, MWI, Terry_w and 1 other person like this.
  8. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    18,438
    Location:
    Sydney
    Most people have no idea about a valid BDBN. When and when it is invalid, lapsing issues and formalities required for it to be compliant. It is not something to set and forget and can be more damaging than a will. Not unusual for the beneficiary to face 17% tax.

    The other option could be a death benefits super trust. Doesnt go to the dependants OR the estate.

    s10, s59 SIS Act
    Reg 6.22. 6.17A SIS Regs
    Munro's Case (Munro & Anor v Munro & Anor) is a example of concerns for a smsf which is very different to all other types of funds. Munro was one of Australia's leading deed drafters and he had a smsf of his own creation and document developed as a skilled practitioner. And stuffed the binding nomination in the process.
     
  9. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    35,787
    Location:
    Australia wide
    This case was about a different Munro to the one you are thinking of - Barrie
    [2015] QSC 61 - Munro v Munro

    He got into trouble because he went to a financial planner for legal advice.
     
  10. MWI

    MWI Well-Known Member

    Joined:
    17th Jul, 2017
    Posts:
    1,996
    Location:
    Lower North Sydney NSW
    Yes so true, many don't use specialist and experts and don't realise sometimes what they read they cannot apply as their SMSF Deed does not allow it too (may need updating when rules change).
     

The shift to the regions has been quite profound with Millennials and Gen X leading the way. It seems affordability, lifestyle, and working from home have been the key drivers from which these generations have been able to take most advantage.