What Is A Will?

A Will is a legal document that explains what you would like to happen to your assets, belongings and estate after you die.

It can also identify who you would like to carry out your wishes and, in some situations, who should care for dependent children.

Many people assume Wills are only important for wealthy individuals. In reality, a Will can be relevant for anyone who wants their wishes documented and understood.

Why Is A Will Important?

A Will provides instructions about how your estate should be managed after your death.

Without a valid Will, decisions about your estate may be made according to the laws that apply in your state or territory.

This can sometimes create additional delays, costs and uncertainty for families.

What Can A Will Include?

Every person’s situation is different, but a Will may include instructions about:

Who should receive your assets and belongings
Who should administer your estate
Funeral wishes and preferences
Guardianship arrangements for dependent children
Specific gifts to family members, friends or organisations

The exact contents of a Will depend on personal circumstances and legal requirements.

Who Carries Out A Will?

The person responsible for carrying out the instructions in a Will is known as an executor.

An executor may be responsible for managing estate administration tasks, dealing with relevant organisations and distributing assets according to the Will.

Choosing the right executor is often an important part of estate planning.

A Real-Life Example

Imagine a father passes away leaving a family home, savings accounts and personal belongings.

Because he has a valid Will, his family can refer to the document to understand his wishes and who should receive particular assets.

The executor can then begin the process of managing the estate according to those instructions.

Without a Will, the process may become more complicated and the distribution of assets may be determined under state or territory laws.

Do Wills Need To Be Updated?

Many people create a Will and never look at it again.

However, major life events such as marriage, separation, divorce, the birth of children or significant financial changes may affect whether a Will still reflects a person’s wishes.

Many people choose to review their Will periodically and seek professional advice when circumstances change.

Do The Rules Differ Across Australia?

Yes.

Will requirements, estate administration processes and succession laws vary between Australian states and territories.

It is important to understand the requirements that apply where you live and seek professional advice where appropriate.

Frequently Asked Questions

What is a Will?

A Will is a legal document that explains how a person’s estate should be managed and distributed after their death.

Do I need a Will?

Many Australians choose to have a Will so their wishes are documented and their family has clear guidance after their death.

What happens if I die without a Will?

Your estate may be distributed according to the laws that apply in your state or territory rather than according to your personal wishes.

Can I change my Will?

In many circumstances, yes. Requirements vary depending on your situation and the laws that apply.

Who should I choose as my executor?

Many people choose someone they trust to carry out their wishes and manage estate administration responsibilities.

Sources and Additional Information

Related Resources

Disclaimer: This article provides general information only and does not constitute legal, financial or professional advice. Laws vary between Australian states and territories.