Proposed Changes to Estate Laws in Victori

Nov 5, 2014 | Accounting, Estate Planning

Simon Flowers
A new bill has been introduced into the Victorian Parliament which if passed will make it harder for adult children to challenge wills in Victoria. These new rules are supposed to apply from 1 July 2015. The changes are supposed to defeat the 3 common criticisms of the current position being:

  1. A willmaker can give away money during their lifetime; shouldn’t the same apply after their passing;
  2. Current position encourages potential claims and large legal costs; and
  3. Current wills do not deal with all wealth, as majority of wealth is held within superannuation and family trusts which can sometimes not be assets of the estate.

If you are an adult child and have an issue with contesting wills, we recommend that you speak to your estate lawyer in relation to the proposed changes asap

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