Research by Victoria’s State Trustees done prior to the pandemic found that seven in ten Victorians agreed that having a will was vital for everyone and that they should have one too.
Highlight:
- Less than half of the adults in Victoria have their will made: a research
- Almost 68 percent of Victorians with an Indian subcontinental background do not have a will: State Trustees official
- Make a will, update it regularly, register it, store and communicate it to family and friends, experts suggest
Tashwita Rahalkar, who works at State Trustees Ltd in Victoria, suggests making a will, storing or registering it and reviewing it timely. Source: Supplied by Tashwita Rahalkar
Talking about will-making amongst migrant communities, Ms Rahalkar said, "Our research shows that those who were born outside Australia are less likely to have a will."
The report also showed that of the Victorians with parents from or who themselves come from the Indian subcontinent (India/ Bangladesh/ Sri Lanka/ Pakistan), 68 per cent don’t have a will.
Highlighting that having a will was vital, especially for migrants who do not have family networks in Australia, Ms Rahalkar said ''a will was not only about the distribution of assets but also about the guardianship of minors."
'A will can also help parents plan for who will look after their children if they pass away,'' she said adding, people should draft a will, store it, or register it with State Trustees and review it every four to five years.
Echoing similar sentiments, Angpal Singh, a principal lawyer, said his clients were mostly prompted to make a will due to a common misconception that in an absence of a will, the government will take away their assets.
Mr Singh clarified that in such cases, "the government distributes the assets among the surviving spouse and children according to the intestacy laws of the state or territory."
He added that wills were particularly important if there are assets like real estate and businesses, or blended families involved.
For Indian Australians who own assets in India, Mr Singh further recommended that they should ideally consider making a will under Indian law as well.
Mr Angpal Singh, a principal lawyer who specialises in will making. Source: Supplied by Angpal Singh
Adding to Mr Singh's suggestion on overseas assets, Ms Rahalkar of State Trustees said that people should verify their will by consulting a qualified legal practitioner in that respective country, as family relationships and customs can play a key role in the inheritance law.
Experts say that using a do-it-yourself kit is a good starting point to create a will. However, there could be a risk of missing out on understanding the intricacies of will clauses that could lead to legal challenges. Therefore, professional advice is recommended.
