Estate planning South Yarra — wills, trusts and modern-family succession

Estate planning in South Yarra often looks different from the established-family Brighton or Toorak version. Many of our South Yarra clients are younger, more likely to be in a second relationship or a de facto, more likely to hold apartment property than a freestanding home, and more likely to have an entrepreneurial financial picture (a startup equity stake, a personal services entity, crypto holdings). The estate plan needs to fit that life, not the boilerplate one.

At a glance — estate planning in South Yarra

Estate planning for the modern South Yarra household

A few patterns we see again and again in South Yarra:

• Long-term de facto couples who've never thought about the fact that, without a will, intestacy rules apply — and the law's idea of what's "fair" between you may not match yours.
• Single parents with one or two young children, where the most important question is "who looks after them, and how is their share held until they're old enough?"
• Professionals with company equity, RSUs or share options where the estate plan needs to coordinate with the option-grant terms.
• Blended families — a new partner, children from a previous relationship — where the estate has to thread the needle between both.

We draft estate plans that take all of that seriously and don't make assumptions.

What we cover

• Wills drafted to deal with de facto relationships, blended families, and beneficiaries in earlier life relationships.
• Testamentary trusts — especially valuable where there are young children and the estate would otherwise hand them a lump sum at 18.
• Family-provision risk planning — de facto partners have standing under Part IV of the Administration and Probate Act 1958 (Vic) in the same way spouses do; children from prior relationships also have standing. We map the realistic risk and design accordingly.
• Business/equity coordination — making sure your share options, vested equity and any personal services entity are dealt with in a way that's consistent with the will.
• Apartment-specific issues — owners-corporation considerations, parking and storage rights, common-property nuances.
• SMSF and super death-benefit nominations — properly executed binding nominations.
• Enduring Power of Attorney + Medical Treatment Decision Maker — capacity-loss documents that protect you when you can no longer make decisions yourself.

Frequently asked questions

Do I really need a lawyer to draft a will, or is a DIY kit enough?

For straightforward small estates a kit can technically work, but the cost of getting it wrong is enormous — invalid execution, ambiguous wording, missed superannuation, missed family-provision risk. For most families in South Yarra, where there are real assets, blended-family considerations or a business, paying a lawyer once costs less than what a contested estate or a probate dispute will eventually cost the people you love.

What's a testamentary trust and do I need one?

A testamentary trust is a trust created by your will that holds your estate for the benefit of your beneficiaries (often your children or grandchildren). The main benefits are tax effectiveness (income to minors is taxed at adult rates inside a testamentary trust), asset protection (the assets are not personally held by the beneficiary so they're harder to lose in divorce or bankruptcy), and control (you can stage when beneficiaries receive capital). It's not for everyone — but for families with reasonable wealth or business interests, it's often worth the additional drafting cost.

How often should I update my will?

Update it when life materially changes: a separation or divorce, a new partner, a child or grandchild born, a death of a named beneficiary or executor, a significant change in assets (buying a business, selling the family home), a move interstate or overseas. As a general rule, if you can't remember when you last looked at your will, it's probably time.

What's a Family Provision claim and why does it matter to my estate plan?

Under Part IV of the Administration and Probate Act 1958 (Vic), certain people (children — adult and minor, a spouse, a former spouse in some cases, a dependent) can challenge a will on the basis that adequate provision wasn't made for their proper maintenance and support. The Court can re-order the estate. Good estate planning anticipates this — we identify who has standing, what the realistic claim risk is, and structure the estate (often via testamentary trust, sometimes with statements of wishes, sometimes with inter vivos gifts during life) to minimise the disruption.

Should I appoint a professional executor or a family member?

It depends on the complexity. A family member who is organised and on good terms with the other beneficiaries is often the right choice for straightforward estates. For complex estates — business interests, blended families, beneficiaries who don't get along, significant philanthropic bequests, or assets in multiple jurisdictions — a professional executor (a solicitor or a trustee company) takes the burden off the family and provides neutrality. We can discuss the right choice for your circumstances.

What's an Enduring Power of Attorney and a Medical Treatment Decision Maker — and do I need them?

Yes. A will only operates after you die. An Enduring Power of Attorney (financial and/or personal) appoints someone to make decisions for you if you lose capacity. A Medical Treatment Decision Maker (under the Medical Treatment Planning and Decisions Act 2016 (Vic)) appoints someone to make medical decisions. Without these, your family may need to apply to VCAT for an administration or guardianship order — which is slow, public and stressful. Putting both in place at the same time as your will is straightforward and brings real peace of mind.

My partner and I aren't married — do I need a will more or less than a married couple?

If anything, more. For married couples, intestacy still gives most of the estate to the surviving spouse in straightforward cases. For de facto couples, intestacy can still apply — but proving the de facto relationship for a Court (particularly if there's an estranged ex-spouse or adult children from a previous relationship contesting) can be complicated and unpleasant. A clear will removes that uncertainty and ensures your partner is provided for the way you intend.

I have unvested equity in a startup — how does that fit in the will?

Carefully. Most option grants and vesting schedules have specific death provisions in the underlying grant terms, and your will needs to be drafted with awareness of those — not in conflict with them. We routinely deal with this for South Yarra clients in tech and professional services and coordinate with your company's legal team where required.