What is a Will?
A Will is a legal document that details what you’d like to happen to your estate. It helps ensure your assets are protected and enables you to appoint a guardian for your children.
It also names who is responsible for carrying out your wishes. This person is known as the Executor of your Will.
Why do I need a Will?
Your Will is your voice after you’re gone. The clearer your instructions, the better it is for the people you leave behind. A well-written and current Will helps ensure:
- the right people are provided for after you pass away;
- you can nominate your children’s guardian;
- your assets will be distributed according to your wishes;
- there are no disagreements among those who expect to benefit from your estate;
- the people responsible for managing your estate understand how you would like your affairs managed;
- your estate can be settled quickly.
Who can make a Will?
Anyone over 18 years of age with testamentary capacity can make a Will.
Testamentary capacity means you are of sound mind, you understand what a Will is, and what a Will does. This means you know what property you own, who is important to you, and you are able to consider any claims that may be made against your estate.
If you’re under 18, you are allowed to make a Will if you’re married, or if you gain consent from the court.
When should I write or update my Will?
Whenever your life changes.
It’s a good idea to review your Will when there have been significant events in your life, or every 2 to 3 years, to ensure it still meets your requirements. For example, you should make a new Will if:
- you want to change the beneficiaries in your Will;
- any beneficiary named in your Will has died;
- you marry, separate, divorce, enter into a new relationship, or re-marry;
- you acquire or dispose of any substantial property or possessions during your lifetime;
- you have a child; or
- you would like to change the person identified as the executor of your Will or the person you proposed to be the guardian of your minor children.
Sound, independent advice
State Trustees understands estate law.
We ask the right questions, including some that you may not have considered, so you can make the best possible plan for your estate.
You’ll get high-quality, independent advice. We can be an impartial voice at an emotional time.
Book your appointment to see one of our Will Writing Specialists today.