Nicola Middlemiss
17/05/2022
A will (sometimes called a last will and testament) lets people know what you would like to happen after you die.
Usually, it will include information about who should inherit any money or assets you have, what arrangements you would like for your funeral, and how your children or pets should be looked after.
Wills are legal documents. They ensure your final wishes will not be ignored. This guide covers everything you need to know about wills, including:
Do I need a will?
What’s included in my will?
What is not included in my will?
What happens if I don’t have a will?
Steps for creating a will
Can I change my will?
FAQ
Everyone, no matter how much money they have, can benefit from writing a will. It’s not a legal requirement but it’s definitely a good idea.
Some key motivations for writing a will include:
A will outlines your various wishes for when you die. These typically include:
There are certain things you can’t include in a will. These include:
If you die without having made a valid will, it’s known as dying intestate. If this happens, your deceased estate will be administered according to your state’s intestacy laws.
These laws vary slightly in each Australian state and territory, with different ways of deciding who your next of kin is and how much they will inherit.
Typically, your estate will be split between your spouse and children. If you have no spouse or children, the state will then determine which eligible relatives.
If you have no eligible relatives, the government will receive your estate. For many people, this default distribution will not reflect their exact wishes.
Creating a will doesn’t have to be overly complicated or expensive. You can even create one for free.
There are some basic steps that can make the process smoother though:
Yes. You change your will whenever you like or you can write a new one entirely.
You should review your will every few years, after major sales and purchases, and if close relationships change.
For example, you may wish to review it following the sale of a house, a marriage or divorce, the birth of a child, or the death of a beneficiary.
To make minor changes, you can use a codicil. A codicil is attached to your existing will and typically outlines smaller amendments or updates. If you have more significant changes to make, it’s probably a better idea to write an entirely new will.
Do I need an attorney to write a will?
No. You can write a will without any help from a legal professional as long as its signed and witnessed by two impartial people. However, if you have complicated or unusual financial affairs, it might be worth speaking to a lawyer.
How much do wills cost?
The cost of writing a will varies. Our online will-writing platform is completely free and will be legally valid as long as you follow the instructions.
The cost of hiring a will lawyer to prepare your will in Australia can vary widely between $500 and $3,000 depending on your requirements.
How long do wills last?
Will have no expiration date, but they can be revoked at any time, usually by creating a newer will.
What’s the difference between a will and a living will?
A living will outlines your preferences for end-of-life care in case you’re unable to communicate for yourself. This can include preferences for medical decisions, pain management, and organ donation. A will, on the other hand, outlines your wishes for after your death. It can include information about where your assets should go and what your funeral should be like.
What do executors of wills do?
An executor administers a deceased estate in line with the wishes in their will. Their role is to wrap up the dead person’s personal, financial, and legal affairs and oversee the distribution of assets to beneficiaries.
How long do wills take to settle?
It usually takes around nine months to one year to settle a deceased estate as per the wishes of a will. This may take less time for simple, straight-forward cases or take longer for more complicated estates.
Get peace of mind and write your will for free in less than 10 minutes.
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