Will Power: A Guide to Help Future-Proof Your Life!

Let’s face it, talking about Wills and Estates isn’t the most exciting topic, but creating a Will is a crucial step in planning for the future - after all, if you don’t do it, who will? Surprisingly, only 60% of adult Australians have a Will. This means that a significant portion of the population is leaving their affairs in uncertain hands.  

If you're not sure where to start, don't worry - you're not alone. Creating a Will can feel overwhelming, but it can be simpler than you might think. We'll break down the process step-by-step to make it easier for you.  

What is a Will?

A Will is a legal document outlining how you want your assets distributed after your passing. It’s essential for ensuring your loved ones are cared for according to your wishes. By creating a Will, you can appoint beneficiaries, choose an executor to manage your estate, designate guardians for your children and dependents, and specify your funeral preferences. 

Why is a Will Important?

Without a Will, the distribution of your assets is determined by law, which might not align with your intentions. This can lead to disputes among family members and create unnecessary stress for your loved ones. A Will can allow you to protect your children and dependent's future by appointing a guardian. 

Even if you're young and just starting out, creating a Will is a proactive step towards securing your financial future. As your life evolves, so too can your Will. It's a living document that can be updated to reflect changes in your circumstances. 

Steps to Set Up Your Will

1. List Your Assets and Debts:
   Start by making a comprehensive list of all your assets, such as property, vehicles, bank accounts, investments, and personal belongings. Don’t forget to include your debts, as these will need to be settled from your estate. 
2. Choose Your Beneficiaries:
   Decide who will inherit your assets. This could be your spouse, children, relatives, friends, or even a charity. Be clear about what each beneficiary will receive to avoid any potential disputes. 
3. Appoint an Executor:
   The executor is the person responsible for carrying out the instructions in your will. Choose someone you trust, as they will manage your estate, pay off debts, and distribute assets to your beneficiaries. 
4. Consider Guardianship:
   If you have young children, appoint a guardian in your Will. This helps ensure that your children are more likely to be cared for by someone you trust if you’re no longer around. 
5. Seek Legal Advice:
   While it’s possible to create a Will on your own, getting legal advice can help ensure your Will is valid and covers all necessary aspects. A solicitor can guide you through the process, ensuring your Will complies with Australian law. 
6. Sign Your Will:
   For your Will to be legally binding, you must sign it in the presence of at least two witnesses who are not beneficiaries. This is a crucial step to ensure your Will is valid. 
7. Store Your Will Safely:
   Keep your Will in a safe place, and let your executor know where it is. Some people choose to store their Will with their solicitor, at a bank, or in a fireproof safe. 

For Your Will to Be Valid in Australia, It Must Meet the Following Requirements:

• It must be in writing (handwritten, typed, or printed).
• You must be over 18 years old and mentally competent.
• It should clearly outline your wishes.
• You must sign it in front of two adult witnesses, who must also sign. These witnesses cannot be beneficiaries.

Life Is Full of Changes, and Your Will Should Reflect That

Your circumstances can shift dramatically over time. It's essential to review and update your Will regularly, especially after significant events like:

• Divorce or remarriage
• The birth of a child, grandchild, or other beneficiary
• Adding or removing a beneficiary
• The passing of a beneficiary

Creating a Will often benefits from professional legal guidance. To connect with qualified lawyers specialising in estate planning in your area, we recommend contacting your state's Law Society or a similar legal professional association. 

This blog post is for informational purposes only and does not constitute financial or legal advice. When preparing a Will, it's important to seek professional financial and legal advice.