ESTATE PLANNING IN VICTORIA: SECURE YOUR LEGACY WITH CONFIDENCE

Estate Planning in Victoria: Secure Your Legacy with Confidence

Estate Planning in Victoria: Secure Your Legacy with Confidence

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Estate planning is one of the most important steps you can take to protect your loved ones and ensure your wishes are respected after you’re gone. While it can be an emotional topic, planning ahead gives you peace of mind and protects your family from unnecessary stress, costs, and disputes.

In Victoria, estate planning — also known as succession law — covers much more than just writing a Will. It includes managing how your assets will be distributed, planning for incapacity, appointing trusted decision-makers, and ensuring your financial and personal affairs are handled according to your wishes.

What Is Estate Planning?

Estate planning is the legal process of preparing how your estate — your money, property, investments, superannuation, and personal items — will be managed and distributed upon your death or if you lose decision-making capacity.

Key components of an estate plan include:

  • A legally valid Will

  • Enduring Power of Attorney

  • Medical Treatment Decision Maker

  • Superannuation nominations

  • Trusts or business succession plans (if applicable)

Why Estate Planning Matters

Without a clear estate plan:

  • The law decides who inherits your estate — not you

  • Your loved ones may face delays, high legal costs, or disputes

  • No one may be legally authorised to make decisions for you if you lose capacity

Good estate planning ensures:

  • Your wishes are clearly documented

  • Your family avoids unnecessary conflict

  • You minimise tax and maximise asset protection

  • You provide for vulnerable beneficiaries (e.g. minors, people with disabilities)

Wills in Victoria

A Will is the cornerstone of any estate plan. In Victoria, for a Will to be valid, it must:

  • Be in writing

  • Be signed and dated

  • Be witnessed by two people

You can use a Will to:

  • Name executors (the people who manage your estate)

  • Distribute your assets

  • Appoint guardians for minor children

  • Leave specific gifts or donations

However, a poorly drafted Will can be challenged or even deemed invalid. Professional advice ensures your Will is legally binding and tailored to your circumstances.

Enduring Powers of Attorney & Medical Directives

Estate planning also covers incapacity. If you become unable to make decisions due to illness or injury, the people you appoint in these roles can step in:

  • Enduring Power of Attorney (Financial & Personal): Manages your money, property, and personal affairs.

  • Medical Treatment Decision Maker: Makes healthcare decisions on your behalf.

These documents must be legally prepared and signed while you still have decision-making capacity.

Superannuation & Asset Planning

Your superannuation and jointly owned property don’t automatically form part of your estate. You must:

  • Nominate beneficiaries for your super (binding nominations are best)

  • Understand how trusts, companies, and joint ownership affect your plan

Estate planning can also include tax-effective strategies and setting up testamentary trusts to protect beneficiaries and manage assets responsibly.

When to Update Your Estate Plan

You should review your estate plan regularly, especially after:

  • Marriage, divorce, or separation

  • The birth of children or grandchildren

  • Buying or selling significant assets

  • Health changes or retirement

  • Death of a beneficiary or executor

Why Choose Shan Lawyers for Estate Planning

Estate planning is not just about documents — it’s about protecting people. Whether you have a simple estate or complex family and business arrangements, Shan Lawyers will guide you through the process with clarity, empathy, and legal excellence.

Their experienced team offers tailored estate planning solutions that meet your goals, protect your legacy, and provide peace of mind for you and your family.

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With Shan Lawyers, you’re not just planning your estate — you’re protecting your future.

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