Putting the right legal documents in place is one of the most important steps you can take to protect your family, your assets, and your wishes. Many people delay making a Will because they feel they have time, or they assume their family will “sort it out.” Unfortunately, this often leads to unnecessary stress, legal costs, and disputes.
What is a Will?
A Will is a legal document that sets out what happens to your assets when you pass away. It allows you to clearly state:
- Who will receive your estate (your beneficiaries and/or charitable bequests)
- Who will manage your estate (your Executor)
- Who will care for your children (guardianship, if relevant)
- Instructions for funeral arrangements (burial, cremation or how you want your life celebrated)
For a Will to be valid, it must:
- Be a written document (the will must be in writing)
- Be signed by the testator (the person making the Will)
- Be witnessed by two independent witnesses (who are not beneficiaries)
- Be made voluntarily (free from pressure)
- Ensure the testator has the legal capacity to make a will (meaning they understand the nature of the document and implications of their decisions)
Why having a valid will is important?
If you pass away without a Will, the law determines how your assets will be distributed, not according to your personal choice. This is called intestacy. This may lead to:
- Uncertainty and delays (your family may need to apply to the Court to deal with your estate).
- Higher legal and administration costs (intestacy estates are often more complex and expensive to finalise).
- Disputes between family members (a clear Will reduces misunderstandings and conflict).
- Risk to children’s care arrangements (without a Will, you may not have a clear say in who becomes guardian for your children).
When should you update your will?
Even if you already have a Will, you should review it if you have:
- married, separated or divorced
- had children
- bought or sold property
- started a business
- received an inheritance
- changed financial circumstances
- changed your intended beneficiaries
- appointed an Executor who is no longer suitable
What is a Power of Attorney? (POA)
A Power of Attorney is a legal document that allows a person you trust to manage your financial and legal affairs while you are alive.
This may include:
- banking and bill payments
- dealing with Centrelink or government agencies
- managing property and investments
- signing legal documents
A POA stops when you pass away. After death, your Executor (appointed in your Will) takes over.
What is an Enduring Guardian?
An Enduring Guardian is a person you appoint to make health and lifestyle decisions for you if you lose capacity. This may include:
- medical treatment decisions
- accommodation and care arrangements
- access to services and supports
This document is especially important as it ensures decisions are made by someone you trust, not by default or by disagreement between family members.
What you may need to prepare these documents
To prepare a Will and related documents, it is helpful to have:
- full names and details of family members
- a list of your assets (property, super, bank accounts, shares, vehicles)
- a list of liabilities (mortgages, loans, credit cards)
- who you want as Executor
- who you want to act as Attorney
- who you want as Enduring Guardian
- any specific wishes (personal items, funeral preferences, etc.)
Final Note
Having a valid will, provides certainty, reduce stress, and protects your loved ones. If you do not have a Will, it is time to make one and if you already have one, it may be time to review it.
If you or anyone you know requires assistance in preparing or updating their Will, Power of Attorney, or Enduring Guardianship, the team at RN LEGAL can assist. You can contact us via phone on (02) 9191 9293 or via email at [email protected].