Your Will is a legal document that sets out how your assets will be distributed upon your death.
It can also cover things like:
- who will benefit from your estate
- who gets personal or family items or other property you might have
- what happens to things like life insurance or other investments
- sharing any wishes for your funeral
- picking someone to administer your Will (called the executor)
- naming who will look after your pets.
You should review your will every 3 to 5 years to ensure it still reflects your wishes.
The more complex or abundant your life, the more thought you should put into writing a clear and comprehensive will. Considering that many people have
- complex family structures and dynamics,
- income, assets,
- insurance, and Superannuation
- unique considerations such as businesses, trusts or company structure.
The more complex or variable, the greater the need for an expert Wills and Estate Solicitor, working with Estate Planners or Financial Planners. More so, considering legislation and 'rules' change around taxes, distribution, and the different processes for different assets, it makes even more sense to have your Will professionally written, with careful consideration and discussion.
Listen to Episode 5 of the Honouring Life Podcast with Amy McDowel from Ladybird Wills and Estates.
Things to Consider.
Things to consider when choosing an executor
It’s a good idea to consider these points when choosing an executor:
- Does your executor have the necessary skills, and are they willing and able to administer your estate? And are they likely to be there when needed?
- If you appoint a family member or loved one, they might also be going through a difficult time with stress and grief.
- Will your choice of executor cause conflict among your beneficiaries? For example, if you choose the eldest sibling to be executor, could this cause additional tension among the siblings after you’ve gone?
- If something goes wrong with the administration of your estate (for example, if property is damaged and not adequately insured), your executor may be personally liable.
Times in life to consider updating or changing your Will
Life is ever-changing. It is important to keep in mind that as life changes, your wishes for after you are gone might change too. Some life changes where you should consider updating your Will are:
- relationship changes through marriage, divorce or entering or leaving a de facto relationship
- the passing of a loved one
- coming into an inheritance
- major changes in your financial situation, such as losing a job or retiring
- buying, selling or renting your property
- starting or closing your own business, or changes in a business partnership
- the onset or recovery from a major illness
- travelling or relocating interstate or overseas
- changing your mind about the people or things you originally included
- The planned executor or guardian is no longer in your life
- receiving major assets (for example, valuable jewellery) that you did not include.
What happens if you die without a Will in place?
If you die without a will, it is known as dying ‘intestate’. In this situation, the law determines who will benefit from your estate.
The law follows a line of relationship for those who benefit, starting with your spouse and children. The line of relationship can go all the way down to first cousins.
A Will lets you choose who gets your estate, and makes sure your wishes are followed by law.
Beyond the ordinary
What happens if you die without a Will in place?
If you die without a will, it is known as dying ‘intestate’. In this situation, the law determines who will benefit from your estate. The law follows a line of relationship for those who benefit, starting with your spouse and children. The line of relationship can go right down to first cousins.
A Will lets you choose who gets your estate, and makes sure your wishes are followed by law.