When it comes to your estate, making sure your loved ones are cared for and your legacy is honoured requires more than good intentions. Without a clear, legally binding will, your wishes may not be carried out as you’d hoped, and your loved ones could face unnecessary stress.
Here’s how you can ensure your estate reflects your wishes.
Why having a will matters
A will is more than just a legal document; it’s your voice when you’re no longer there to speak for yourself.
Without a will:
- The law decides who gets what. If you die intestate (without a will), state laws will determine how your assets are distributed. This might not align with your wishes.
- Family disputes may arise. Without clear instructions, disagreements between loved ones over “who gets what” may arise and this can strain relationships.
- Your loved ones may face delays and additional costs. An unclear estate can lead to lengthy legal processes, adding stress and added expenses for those left behind.
Steps to make sure your estate reflects your wishes
1. Write a legally binding will
A legally binding will ensures your assets are distributed according to your instructions. You can outline who will inherit your property, sentimental items, financial accounts, and other assets. Hiring a solicitor or estate planning professional is highly recommended to avoid errors that could invalidate your will.
2. Be specific about your assets
Clearly outline who will receive specific assets. Ambiguity in a will can lead to disputes. For example, rather than stating “my jewellery collection,” specify who will receive particular pieces. If you are leaving a home or property, include its exact address to minimise confusion.
3. Choose an executor you trust
The executor is responsible for ensuring your will is followed. Choose someone you trust who is organised and capable of managing financial and legal matters. You may also consider appointing a professional executor, such as a solicitor or trustee if the estate is complex.
4. Consider all beneficiaries
Make sure to account for all potential beneficiaries, including dependents, blended families, or individuals with special needs. Overlooking someone important can cause unintended consequences or legal challenges.
5. Update your will regularly
Life changes such as marriage, divorce, having children, acquiring new assets, or losing a loved one can impact your estate. Regularly reviewing and updating your will ensures it stays aligned with your current wishes.
6. Account for superannuation and life insurance
Your superannuation and life insurance don’t automatically fall under your will. These are typically governed by binding beneficiary nominations, which you’ll need to update separately to ensure they go to the right people.
7. Communicate your wishes
While your will is the ultimate legal guide, having conversations with your family can help prevent surprises and misunderstandings. Let your loved ones know your plans and reasoning to reduce the likelihood of disputes.
The risks of not having a will
Failing to leave a will (or having an invalid one) puts your estate at the mercy of intestacy laws.
Here’s what could happen:
- Your spouse or partner may not inherit everything. Depending on the state, other family members (such as children or parents) may also have a claim to your estate.
- Unintended beneficiaries may receive your assets. Without a will, someone you hadn’t planned to include – such as an estranged relative – could inherit part of your estate.
- Your estate may not reflect your values. For instance, charities or causes you support would be left out entirely.
Peace of mind for you and your loved ones
Creating a will is one of the most thoughtful and loving things you can do for your family. It ensures your estate reflects your values and wishes while reducing stress and conflict for those you leave behind.
We understand that estate planning can feel overwhelming. That’s why we’re here to guide you through the process with expert advice and tailored solutions. Whether you need help drafting a will, choosing an executor, or updating your estate plan, we’re here to help.
Chat with the team at APS Wills & Estates.
Written by APS Wills & Estates Principal Lawyer Philip Lambourne
Phil is a lawyer with over 35 years of experience in private practice and over 25 years of experience in the trusts and estate planning area. As Principal Lawyer with APS Wills & Estates, Phil provides advice and prepares documentation in the areas of Wills, Powers of Attorney, Probate and Estate Administration for clients across Australia. He also provides clients with conveyancing and property law, commercial law and state tax advice services.
When Phil isn’t working, he enjoys spending time with family, reading new books, and watching new shows with some good scotch whisky, red wine and cheese. Phil also enjoys playing trombone in the Melbourne Lawyers Big Band!