Do I Need a Will?

This is a question we are often asked – why do I need a Will?

The simple answer is that if you have any assets at all, you should have a Will.

Having a clear, well-prepared Will means it is less likely that a long, drawn out dispute will occur about what happens with your assets after your death. You will be able to select who gets what assets and name the chosen person or people as your beneficiaries in the Will.

If you don’t have a Will, then the laws of each State or Territory determine who gets your assets.

If there’s somebody you trust, you can choose them to be the executor for your Will. The executor’s job is to administer your estate and to give effect to the wishes expressed in your Will. Read our article on executors of a Will if you wish to learn more about their functions.

If you want to give a specific thing (eg. jewellery) to a person, a Will allows you to clearly express this wish. If you wish to make a donation to a charity, you can spell this out in your Will. If you wish to be buried or cremated, you can make this wish known. If you don’t spell these things out clearly, then those wishes may not be known to the person who ends up actually administering the estate, meaning your wishes may not be met.

You can also express your wishes about who is going to look after your children.

If you have a business, then preparing a Will is an important part of business succession planning. You can protect your business by ensuring that the right people are able to keep things going in your business whilst your estate is being sorted out.