August 2009 - The Police Association Victoria

17
The importance of
having a current will
Given the nature and culture of policing duties it is important that members of The
Police Association have a current and valid will which accurately reflects their final
wishes in the unfortunate event of death.
It is surprising after years of hard
work and the accumulation of
assets, large or small, that many
members do not have a current will.
Why have a will?
Having a will is not compulsory;
however a will offers many benefits.
Advantages of having a will include:
• You can help to make sure your
assets go to the people you want
to benefit. If you don’t have a
will, your estate is distributed
according to the laws of intestacy.
For example if you have a spouse
and children, in Victoria, your
spouse would be entitled to the
first $100,000, and one-third
of the balance, of your estate.
Would this suit you if you were
the surviving spouse? (Please note:
This does not apply to “jointly”
owned property).
• You can help ensure your
beneficiaries inherit at a time
when you think they will be better
able to manage it. Without a will
a beneficiary is entitled to inherit
at age 18. With a will you can
specify a later age or even stagger
the giving of the inheritance.
• You can leave out of your will,
people who would inherit under
intestacy. (However they may
still have a right to challenge
your will.)
• You can choose the executor
and trustee. This may be very
important if you have young
children or a disabled child and
the trustee must manage funds
for a long time.
• Your estate may incur fewer
fees and be administered
more quickly.
• You can document who you
want to be the guardian of your
children.
• You may have more assets than
you think. Some people say
“I don’t need a will because I
don’t have much.” However most
people have some assets they
may have overlooked or forget
about proceeds that are payable
on their death, such as life
insurance and superannuation
death benefits. While a person
may not have much today, on
death their estate could be
quite valuable.
Having a valid will
In Victoria, to have a valid will
the willmaker must comply with
the Wills Act otherwise it could
be invalid:
• the will must be in writing and
signed and dated by the will
maker; and
• the signature is made with the
willmaker’s intention of executing
the will; and
• the signature of the willmaker is
witnessed by two adult persons; and
• it is important that the willmaker
has the proper capacity to
understand what he or she is
doing to ensure the will is valid.
Effect of marriage and divorce
on your will
If you have a will and you marry,
your will is revoked and your estate
may be distributed under the
intestacy laws.
It is important to note that a will
is not revoked by separation or
divorce. However divorce will result
in any gift to the now divorced
spouse being revoked, and the rest
of the will remaining valid.
When your circumstances change
you should consider updating your
will. If your executors become
elderly or die, or there are changes
in your assets, you may need to
update your will to take these
matters into account.
If you would like to create or
update your will, or, would like any
advice in regards to wills, you can
contact The Police Association on
(03) 9495 6899 or 1800 800 537
(outside Melbourne metro only) for
a referral to Slater & Gordon.
Need a new will?
Association members and
their partners are able to have
a will drawn up free* as part
of their membership.
Simply call The Police
Association to be referred to
our lawyers, Slater & Gordon.
You can contact the
Association’s Welfare Officer
on (03) 9495 6899 for further
information about this service.
*Costs may be incurred
depending on the complexity
of the will.
www.tpav.org.au The Police Association Journal August 2009