Whether your financial affairs are simple or complex and if you are over 18, having an up-to-date Will is essential. A Will provides clarity on how your estate will be distributed and can significantly reduce the emotional and financial stress on your loved ones after your passing.

Here’s 5 key reasons why you should have a Will and what happens if you don’t.

1. Ensure Certainty for Your Assets

A Will allows you to specify how your assets—including cash, property, vehicles and shares – are distributed. Without a Will, your estate will be managed according to the rigid intestacy rules, which may not reflect your personal wishes.

If you die without a Will your assets will be distributed to your living next of kin in a set order and in certain proportions.

If no next of kin can be found, your estate will be transferred to the Crown.

By creating a Will, you ensure your estate is distributed exactly as you choose, avoiding this default position.

2. Guardians Appointed for Your Children

If you have children under 18, through your Will you can nominate someone you trust to be the legal guardian of your children. Guardians are responsible for making important decisions regarding your children’s upbringing, including education and healthcare.

Without a Will, the surviving parent typically assumes sole guardianship. However, if both parents are deceased, anyone can apply to the Family Court for guardianship. This process can be costly, time-consuming, emotionally draining and conflict inducing, particularly if multiple family members believe they should be your children’s guardian.

By appointing a guardian in your Will, you ensure your children’s care is entrusted to someone you trust.

3. An Executor is Appointed

When drafting your Will, you designate an Executor to manage your estate after your passing. The Executor’s responsibilities include:

• Coordinating the funeral with your family
• Locating and notifying beneficiaries
• Identifying and securing estate assets
• Applying for a Grant of Probate (if required)
• Collecting and distributing assets according to your Will
• Paying debts and liabilities
• Filing tax returns and obtaining tax clearances
• Resolving disputes between beneficiaries

Choosing a trusted person as your Executor – often a family member or close friend – ensures your wishes are respected. Business or financial experience can be helpful, but professional advice from lawyers or accountants can assist with complex tasks.

Without a Will, someone must apply to the Supreme Court to act as Executor, which takes time and places financial and emotional stress on loved ones at a sensitive time.

4. Avoid Unnecessary Costs

A well-prepared Will minimises administrative costs. Without a Will, your family will need to apply to the Supreme Court, so that someone is legally recognised to be able to deal with your assets and affairs. This often increases legal expenses and reducing the overall value of your estate. If no-one is appropriate or willing to act, the Court may appoint the Public Trustee, who will charge fees to administer your estate – reducing the amount left for your beneficiaries.

5. Reduce the Risk of Conflict

Estate disputes are common, especially when there is no Will or when a Will is unclear or poorly drafted. Disputes can lead to lengthy legal battles, higher costs, and significant delays in distributing the estate.

A clear, professionally drafted Will helps:

• Minimise misunderstandings and disagreements
• Speed up the estate administration process
• Provide peace of mind for you and your loved ones

Next Steps

Creating a comprehensive and up-to-date Will is a critical step in estate planning. If you already have a Will, reviewing (and if required, updating) your Will is necessary to ensure that it still meets your wishes. A good time to review your Will is after significant life events, such as marriage, divorce, the birth of a child, acquiring significant asset, or simply every 5 years to ensure it still meets your wishes.

We’re Here to Help

Preparing a Will is one of the most important actions you can take to protect your family and your legacy. Our experienced Wills and Estates team can guide you through the process, ensuring your wishes are clearly documented and legally sound.

Don’t leave your estate to chance. Contact us today for personalised advice and assistance with drafting or updating your Will.