Writing a Will is one of the most important things you can do to protect your loved ones, yet most Australians don’t have one. Without a Will, state laws decide how your estate gets divided, which can cause conflict during an already difficult time. A Will outlines who gets your assets, ensures children are cared for, appoints an executor, and clearly states your final wishes. 

What is a Will?

A Will is a legal document that explains how your assets will be divided after you pass away. It lets you:

• Name an executor to manage your estate.
• Choose guardians for your children.
• Decide on specific gifts and who gets them.
• Include instructions for your funeral.

What happens without a Will?

Without a Will, your estate gets divided according to state laws, rather than your wishes. Not having a Will can cause delays, disputes and even extra costs for your loved ones.

Typically, without a Will, your assets would go to your spouse or children. But if you don’t have immediate family, they could go to distant relatives or even the government.

A Will ensures your estate is handled the way you want and avoids any uncertainty. For parents with young children, it’s a way to specify their care and guardianship instead of leaving it to the courts.

How to write a will

Writing a Will in Australia is simple, but it must follow legal rules to be valid. Your Will must be in writing, signed by you in front of two witnesses, and made freely without pressure from others.

If your situation is straightforward, you can use a DIY Will kit available online or in stores. However, if your finances are complex or you have special requests, it’s best to get advice from an estate planning lawyer or your state’s public trustee service.

For more help, visit the Australian Government’s MoneySmart website or contact your local state trustee office.

Steps for writing a Will

1. Choose an Executor, someone you trust to handle your estate and carry out your wishes.
2. Write down everything you own - like property, savings, and valuables – and decide who gets what.
3. If you have minor children, name someone to care for them and outline how funds should be used for their upbringing and education.
4. Update your Will whenever big life events happen, such as marriage, divorce, or the birth of a child.
5. Jointly owned assets, superannuation, and insurance policies with named beneficiaries are handled outside of your Will. 

Plan ahead for peace of mind

For more advice about your financial planning, property goals, or securing the right home loan, get in touch with Mortgage Express today. Our experienced team is here to guide you every step of the way. Contact us to speak with a broker near you!

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