A Will is generally not something high on our list of things to think about. But a Will is an important document that when done correctly can make an often-challenging time just that little bit easier to navigate. But just what is a Will and what can be included? We answer those questions and more and provide some useful resources.
What is a Will?
In simple terms, a Will is a written document that explains “how you would like your assets to be distributed when you die”. A Will ensures that your wishes are respected and the people you care about and for are looked after.
Provided they have the capacity to do so, anyone over 18 can make a will.
The ABC’s The Pineapple Project’s fourth season focused on a range of issues related to death. Episode 4 covers Wills and is a good explainer of what a Will is, why you might need one and what happens when you don’t have a Will.
The Law Handbook provides an example of a simple Will. This is a guide only and you should always seek legal advice, especially if your estate is complex.
What sort of things can be included in a Will?
Wills can include instructions on what happens to assets like cars or houses or if your organs are donated. A few things that can be covered in a Will include:
- What you want to happen to your car or house, or other assets like cash or shares.
- What you want to happen to your belongings, for example things like jewellery or objects that might hold sentimental value.
- Who you want to be guardian of your children (Victoria Legal Aid advises that the final decision on guardianship of children is made by the courts).
Why do you need one?
A Will ensures that your wishes are respected after your death. If you have assets or children, this becomes particularly important. Having a Will can help ensure your loved ones are taken care of.
Intestate means dying without a Will. In these cases, the relevant law in your State or Territory will decide what happens to you estate. Sometimes this means it can take longer and be more expensive to settle your estate. It also means the task of managing the process could be assigned to your next of kin, a job they might not be equipped for or want or need at that time.
Wills and Superannuation
Superannuation and any associated insurances or benefits are not considered to be part of your wider estate. To direct where your super and any insurance of death benefits go in the event of your passing, you need to nominate a beneficiary.
Your beneficiary could be:
- your legally married spouse
- your de facto spouse
- children (although sometimes only those under 18)
- financial dependants (total and partial), and
- interdependent (people with whom you have a close personal relationship, live with and provide each other with financial and domestic support and personal care unless unable to do so because of a disability).
- your estate
What is power of attorney?
While a Will is a really important way to make sure your voice is heard after you’re gone but it’s only part of the process of taking care of your estate and future.
A power of attorney is a legal document that ensures your financial, legal and medical matters are managed on your behalf in the event of illness or injury.
A power of attorney can make the following decisions:
- The sale and purchase of real estate and other assets
- Transactions on your bank account including withdrawals and deposits
- Paying bills
- Liaising with professional advisors
- Where you live and with whom
- Healthcare matters including consent to medical treatment and access to support services
Some things to think about when making a power of attorney include:
- Who will you appoint?
- Do you want to nominate more than one attorney?
- When would their authority start?
Resources
Money Smart provides some straightforward information about Wills and powers of attorney. Legal Aid organisations like Victoria Legal Aid also have a variety of information and resources.
Each State and Territory has a public trustee that can provide information and support on Wills and powers of attorney:
This article was published in February, 2022.
Please note this information is general in nature and if you have questions about Wills, power of attorney, superannuation beneficiaries, or accessing superannuation death benefits, you should seek legal advice or speak to a licensed financial adviser.
