Having a Will in place is an important step. But estate planning isn’t something you can set and forget. In Victoria, recent legal changes may impact how your Will is administered and how your assets are distributed.
Some of these updates relate to probate fees. Others reflect the growing focus on modernising succession laws. If you have a Will or are considering updating your estate plan, now is a good time to understand how these changes could apply to you.
At Bayside Wills and Estates, we help clients stay informed and prepared. This article outlines what’s changed and how you can plan ahead with confidence.
Probate fees have increased in Victoria
In November 2024, a new fee structure for probate applications was introduced in Victoria. Previously, probate fees were capped at a flat rate, which is no longer the case.
The new system is tiered and based on the value of the estate. This means larger estates are now facing significantly higher costs. Below is a summary of the changes:
- Estates between $250,000 and $499,999.99 now attract a fee of $514.40 (up from $68.60)
- Estates between $500,000 and $999,999.99 are now charged $1,028.80 (up from $367.40)
- Estates valued over $7 million incur a fee of $16,803.60 (previously $2,318.90)
These fees must be paid before probate is granted, which can place pressure on executors to access funds early.
What does this mean for estate planning?
Many estates in Victoria now fall into the higher fee categories, especially when property is involved. Reviewing your estate and considering how these fees might affect the people you leave behind is essential.
Key questions to ask include:
- Will the executor have access to funds to pay the fee when applying for probate?
- Are there opportunities to structure assets differently to reduce the impact of these changes?
- Should other parts of your estate plan be updated to reflect these costs?
Estate planning is about more than dividing up assets. It’s about ensuring those assets can be passed on smoothly, with minimal stress and delay. Our estate planning services can help you assess your current structure and make necessary changes.
Updates to succession laws
The Victorian Law Reform Commission (VLRC) has also recommended several changes to succession laws. These reforms are designed to modernise the law and address issues that commonly lead to disputes.
Some of the key proposals include:
- Stronger protections against undue influence when writing a Will
- Updated rules around statutory Wills and intestacy
- More explicit guidance on family provision claims
- Clarified duties and obligations for executors
While some of these changes are still under review, the direction is clear. Succession law is evolving to reflect modern family structures, changing asset types, and increased legal scrutiny.
Why regular reviews are important
Even a well-written Will may need updating over time. Life events such as marriage, divorce, property purchases, or the arrival of grandchildren can all affect how your estate should be structured.
It’s also important to revisit your Will after changes in legislation. What worked under one legal framework may now carry higher costs, more complexity, or reduced clarity.
At Bayside Wills and Estates, we recommend reviewing your Will every few years, or sooner if your personal or financial situation has changed. A quick review now could prevent confusion or conflict later on.
What to consider next
If you’re thinking about writing a Will or reviewing your current estate plan, here are a few things to keep in mind:
Review your estate assets
Check how your assets are held and valued. This will help determine which probate fee tier you fall into and whether changes are needed.
Talk to your executor
Make sure the person you’ve appointed understands what the role involves. This includes dealing with probate applications and any upfront costs.
Seek professional support
Legal advice is essential when preparing or updating a Will. At Bayside Wills and Estates, our team provides clear, practical guidance and helps you make informed decisions that reflect your wishes.
Supporting you with Will drafting and estate planning
We understand that planning for the future can feel overwhelming. Our team offers Wills and Estates Services in Melbourne to make the process easier. That includes helping you prepare a legally sound Will, reviewing your estate structure, and updating existing documents when the law changes.
With our will drafting services, you can feel confident that your documents are up-to-date, your intentions are clear, and your family is supported when it matters most.
To get started, contact Bayside Wills and Estates on (03) 9592 3356 or visit baysidewills.com.au to book a consultation.
