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
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
With cyber security at AFSLs identified as an ASIC enforcement priority, a technology recruiter has shared what these specialists are expecting to earn in the financial services sector.
As ASIC looks to publish firm-level data on the internal dispute resolution regime, a compliance professional has warned it could have unintended consequences, such as under-reporting.
