Your will is an important legal document primarily used to detail how your property and estate assets are distributed when you pass away. While will writing services are available, you can always choose to prepare one yourself.
In Australia, intestacy rules will determine what happens with your assets if you die without a valid will (known as dying intestate). These rules can differ between the Australian states, but your next of kin will typically be responsible for your estate. This is why writing a will can be so important, as the law’s distribution of your assets might not match your wishes.
If your will only covers part of your estate, intestacy rules will also apply to the remaining estate.
If you’re an Australian over the age of 18, you can make a will. Making a will is a decision for you and unique to your circumstances. If you have a will, consider updating it when your circumstances change (e.g. getting married, divorced, buying a house or having children).
It is also worth considering updating your will if the executor of your will or beneficiary dies, or if your financial situation changes significantly.
Below are some of the benefits of writing a will:
It’s important to keep your will up to date and stored in a safe place. If you pass away and your will isn’t valid or accessible, intestacy rules will apply, and your assets will be distributed as per the law — which may not align with your wishes.
There are two ways to write a will:
Before you write your will, ask yourself these important questions:
While it’s not mandatory to enlist the help of a solicitor to prepare your will, if you’re going to create your will alone, ensure that your will is:
As the above information is general in nature only, to ensure your Will is valid and/or to find out more information, get in touch with the Public Trustee in your state or territory.
An executor is the appointed person entrusted by the deceased to carry out the instructions left in the will. The Public Trustee (the statutory authority in your state or territory) steps in if there’s no executor or the executor declines their duties.
An estate plan is a comprehensive plan for your passing, which would commonly include your will.
In your estate plan, some common inclusions would be:
The short answer is no. However, you should consider having a solicitor or private trustee review the will you wrote to ensure it’s legally valid.
Life insurance can be a key part of what you leave behind; however, it’s separate from your will. This product can potentially pay a lump sum to your beneficiary after your death.
Remember, life insurance benefits paid to beneficiaries are dictated by what’s detailed in your policy – not the will. If you don’t have a nominated beneficiary on your life insurance policy, your payout will be included as a part of your estate and divided as per your will or intestacy law.
Your life insurance payout will go to the beneficiaries cited on your policy – not your will. Keep in mind that when there’s a conflict or ambiguity between the two documents, your payout may go towards something you didn’t intend (e.g. one party over another).
It’s natural to worry about your passing, especially if your family would struggle with bills, mortgage repayments or maintaining their current lifestyle. If you’re concerned that you won’t have enough to leave to your family when you pass away, a life insurance policy could help provide some peace of mind that your family could be protected financially if something happened to you. Generally, benefits paid under a life insurance policy are dealt with separately from your will.
If you’re considering how to write a will, it may be a good time to consider whether a life insurance policy is right for you. You can use our life insurance comparison tool to compare quotes and policies in only minutes.
1 Moneysmart.gov.au, Wills and powers of attorney. Accessed March 2023.
Disclaimer: The information here is general in nature and intended to be a guide only. The information provided does not constitute legal and/or financial advice.
