7 Reasons Why You Need a Will

Guide Wills

In 2016, musician Prince died without a will. What should have been a time for reflection and mourning looked like it would be hijacked by a litany of claims and contests against his vast estate.

It was not a new story. Notable stars who also died without a will include Jimi Hendrix and Bob Marley, and their families have battled for up to three decades in an attempt to settle the estates of their loved ones.

What if you die without a will in Australia?

Do I need a will? This is one of the most common questions Victorians ask us. If you die without a will, you die intestate. This means that State Intestacy Law will determine how your estate will be managed and distributed. So, why have a will? Well, not having a will means:

You do not have a say about who will benefit from your estate, for example, your assets could be shared with relatives who you do not wish to benefit
You do not have a say about who is charged with the role of administering and making final decisions about your estate
Your estate may take an extended period of time to settle (more than 12 months)
The cost to settle your estate may be significantly more than if you had written a will at first instance.

No matter the size, your estate will need to be administered and settled. This task would fall on either an executor nominated in your will or, if you died intestate, the role would be delegated to a next of kin (generally the individual who has the largest entitlement to the estate).

Reasons it is vital to have a valid and up-to-date will

Why make a will? There are many reasons you will likely agree that this is a very important thing to do. Creating a will that is clearly written and up-to-date can:

Define who you would like to take on the role of executor to administer your estate
Aid your executor in understanding how you would like your affairs managed
Help ensure all your assets, including property and other possessions, are distributed in accordance with your wishes
Set out the beneficiaries (individuals or organisations), you want to benefit from your estate
Appoint a guardian for your minor children and outline any wishes for how they should be brought up
Reduce any potential conflict relating to your estate after your death by clearly stating your wishes
Help to enable your estate to be settled quickly and with ease.

Do you need a will after discovering these points?

Write a will – start online today

Ever wondered how much it costs to make a will? The answer is just $69, and the process takes only 30 minutes to complete. Look after those who are left behind.

Start an online will today

Updating your will in Australia

As a rule of thumb, you should change your will after a significant life event like:

If you marry, re-marry/re-partner, separate or divorce
If you have more children/grandchildren
If you acquire or dispose or significant assets (e.g. property)
If you establish or dispose of a company or a business
If an executor becomes ill or dies
If a beneficiary dies or has a significant change in circumstances

If you’ve previously made a will, a major lifestyle or relationship change such as marriage or divorce could affect how your estate would be managed and settled. For example, a recent marriage will affect any previous wills made.

Welcoming a child into your family should also prompt you to write or update your will. You can nominate a guardian for your minor children in case you die unexpectedly. Make sure you update your will after the birth of a new child. Interestingly, Heath Ledger did not update his will after the birth of his daughter Matilda, which meant that she was not a named beneficiary in his will. Despite this, Matilda was lucky in that the named beneficiaries to her father’s will (her grandparents and aunties) were willing to give up their entitlements to Heath’s estate to Matilda. If this were not the case, Matilda’s mother (or her legal guardian) would have had to lodge a claim on the estate on behalf of Matilda, in order for her to obtain an entitlement in her father’s estate.

How can you make a will in Victoria? Contact our experts

Aside from writing your own will online, you can leave it to our professional Will Writers. For decades, State Trustees has been looking out for the best interests of the Victorian community to aid them in preserving their legacy for their loved ones. State Trustees writes more wills than anyone else in Victoria, and our will writers are experts in dealing with estates of all levels of complexity.

Look after your loved ones and your interests – don’t leave it until it’s too late.

Make a will appointment today