Top 10 things to consider before writing a will

List your assets, perhaps in categories. It might also be helpful for you to jot down an approximate value of each asset and whether there is a mortgage or loan.

If you own significant assets, such as a house, property or car – correctly identify whether you own this asset independently or with someone else, (for example, a spouse or business partner).

For real estate there are two ways you can share ownership with someone else. If an item is ‘jointly owned’, the surviving owner will acquire the property automatically when you die. The jointly owned asset will not form part of your will.  If the item is owned as ‘tenants in common’, the portion of the property owned by you may be dealt with in your will.

In addition to considering the type of property ownership, make sure you know the whereabouts of your certificate of title for your house. It is often stored at your home or at the bank. Missing or lost titles are expensive and time-consuming to replace after someone passes away.

When considering your assets, don’t overlook the smaller items. Such items may not be significant in value but they may still have an intrinsic, personal or emotional value.

Our will writers often see parents or grandparents leave their children specific gift items such as jewellery or other family heirlooms. Think about whether you have any particularly cherished things that you want to gift to someone. In need of some inspiration? Take a look at our suite of “Cherished Things” videos about the importance of wills, showing real Victorians gifting their precious items to loved ones.

The executor of a will is a person or organisation appointed by you to carry out your final wishes as outlined in your will. When you die, your executor becomes responsible for managing your estate.

The role of executor should not be considered lightly. A nominated family member may feel very honoured, but they will need to have the time and be savvy enough to fulfil the role.

Generally speaking, if appointing an individual, select someone who is a named beneficiary of the estate. Acting as executor can be an onerous task for someone who does not have an interest in the estate.

To learn more about the role of an executor, you can download State Trustees’ executor checklist. This document contains an explanation of the role and a list of all the tasks an executor is required to undertake. It’s a free download that you can reference or share with your nominated executor.

Beneficiaries are the persons, charities or organisations that you wish to benefit from your will. Beneficiaries may receive specific gifts and/or a share in your residuary estate.  Your residuary estate is what remains after the payment of any debts, funeral and testamentary expenses. Each beneficiary’s share is generally expressed as a percentage of the residuary estate.

On some occasions, items or assets other than money can form part of a beneficiary’s entitlement. For example, a Cherished Thing as discussed above. This may arise when a particular item is written into the will to be given to a beneficiary rather than being sold, and form part of the estate.

A person of any age, including a minor (that is a child under 18 years of age), can be a beneficiary. However, if a minor is listed as a beneficiary of property or shares, the executor is responsible for administering the assets of the minor beneficiary in accordance with the terms of the will.

Once you have decided who to name as your beneficiaries, it is crucial to provide their names and contact details. You may also wish to provide the Australian Business Number for any charity or organisation that you wish to benefit, to ensure that your estate is distributed to the correct entities.

Charities can be included as beneficiaries in wills, for example if the testator wants to acknowledge these organisations who have assisted them or other family members during their lifetime.

Charity example – the Royal Children’s Hospital 

The Royal Children’s Hospital is present in several different states. Therefore, you can identify the specific hospital you wish to nominate by providing its specific Australian Business Number. Failing to do so may result in issues as to which hospital you actually wanted to benefit. When your executor begins the task of administering the estate, this will also make their job that much simpler.

Do you intend to make a bequest? If so, decide which specific charity or charities you would like to benefit. Unless you have a favoured charity, you might like to browse an online charity directory such as Include a Charity . If you regularly donate to certain charities, bring along any relevant literature regarding that charity to your will appointment so that it can be easily identified and included.

In addition to this, you may wish to contact a charity prior to your will appointment to satisfy yourself that you are benefitting the correct charity. There may be no one suitable for the role. Or, if there is a risk of family conflicts and it’s not possible to nominate a neutral person to take on this role, you might consider nominating State Trustees as your executor. This will provide peace of mind for your loved ones at the time of your passing.

Using an independent executor service does come at a cost so make sure you understand the fees and charges. They will be paid out of your estate.

Writing your will is a time to consider your preferred funeral arrangements. We recommend including funeral instructions in your will to ensure that those close to you and the executor, are aware of your wishes. Have you considered whether you want to be buried or cremated? If so, where?

This is also an opportunity to consider being an organ donor. Your intentions can be included in your will. However, you will need to officially register to be become an organ donor via Donatelife.gov.au.  Both topics are often difficult to discuss with your loved ones. Including these details in your will lets them know your wishes at the important time.

Quite often, the will is checked before any funeral decisions are finalised to ensure your wishes are attended to. And, by including confirmation that you’re an organ donor, your next of kin will have comfort in approving the donation of your organs.

Life isn’t always straightforward – there may be complexities in your family, financial circumstances, businesses, etc. The great thing is that your will can be customised to accommodate your specific circumstances. The best way to ensure this is to consider, consult and discuss the circumstances with a solicitor or professional will writer. In doing so, you’re ensuring your wishes are documented correctly.

Seek out the most up to date details of your financial professionals – your accountant and financial planner. Make note of this contact information in a document to be stored with your will.  Your accountant and financial planner’s details are required so that your executor can contact them after your death to confirm financial details.

By providing these details, you’ll make your executor’s role that little bit simpler.

When you make your will, you can also consider preparing your powers of attorney.

An enduring power of attorney allows you to appoint another person to make decisions for you when you are unable to make decisions yourself. It allocates the responsibility to another trusted person, chosen by you, to make decisions on your behalf. This might mean managing your financial affairs or making certain personal decisions for you.

You can prepare an enduring power of attorney when you prepare your will.