Victoria to amend Wills Act
The Victorian State Government is to amend the Wills Act to allow disabled Victorians who lack the intellectual capacity to make a will.
The court will be able to authorise a statutory will that reflects what the intentions of the person might reasonably be if they had the capacity to make a will.
The Victorian Attorney General Rob Hulls said the authorisation of such a will enables a person’s estate to be distributed appropriately.
“This amendment will enhance the rights and dignity of people with intellectual disabilities or those who suffered a brain injury from a young age, who have never been able to express their final wishes,” he said.
“Without such a will, the person’s possessions and assets might be distributed under state laws that decide how the estate is to be divided, and this is not always appropriate.”
Hulls said the amendment was also designed to address potential injustices such as a family member who had not helped to raise the disabled child then becoming entitled to a portion of their estate when the child dies.
“If the child had been awarded damages from an accident, then the estate could be sizable,” he said.
“This could create unfairness for those who had devoted their lives to caring for the child if others can claim a share merely because the child dies intestate.”
There is no indication from the State Government about when the amendment will become law.
Recommended for you
Large AFSLs with more than 100 advisers are seeing the largest losses in both adviser and AFSL numbers as individuals seek a smaller, personal vision in their work.
Former deputy CEO of AMP Capital, David Atkin, has announced he will be returning to Australia after stepping down as chief executive of the Principles for Responsible Investment organisation.
A global Morgan Stanley report has found 83 per cent of Asia-Pacific individual investors would select a financial adviser based on their sustainable investment offerings, and are most understanding of how ESG can boost returns.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end, with one bidder opting to pull out.
