How to write a Will in Australia
Stories | December 29, 2021
There are many reasons to think about setting up a Will. A Will helps to offer protection for your family members when you have passed on. It gives your children and loved ones an idea of your wishes. And it can also be a powerful statement of your faith and values. While it might be tempting to put off, you don’t want to make the mistake of not having a valid Will in Australia because this could prove costly for your loved ones in the future.
How to write your Will
Maybe you think that writing a Will in Australia is a complicated process. But the truth is, the risk of dying without a Will far outweighs the effort it takes to write one. The complexity of your Will really just depends on things like the size of your estate and the number of Will beneficiaries. For the everyday Aussie, writing a Will is simple and inexpensive. You can choose to do so with the help of a solicitor or even on your own when you use a do-it-yourself Will kit (which you can download for free, online).
Five questions to ask yourself when you write your Will
To help you write a Will that captures your wishes, faith and values, here are five questions to consider.
1. Who do I want to take care of?
Ask yourself who you want to provide for in death as you have in life. Which family members and loved ones come to mind when you ask yourself this question? Make a list. Write their names down. First and foremost, you’ll want to make sure that any Will you make provides for those who are dearest to you. You can do this by leaving them bequests (otherwise known as gifts in Will) which brings us to question two.
2. What assets of value and meaning do I own?
This question will help you to determine how to ensure that each of your loved ones is well provided for. Make another list that documents all your assets. These assets will become bequests in your Will. They can include things like property and homes, vehicles, superannuation, bank accounts, life insurance policies, business partnerships, or any other personal items of meaning or value that you’d like to pass on.
3. What debts do I owe?
It helps to consider if you have any major debt that could affect what is possible to leave to your loved ones. You may also wish to consider which parts of your estate could be used to resolve your debt in the event of your death. For instance, if you have a mortgage should your home be sold? Or would you prefer to nominate a beneficiary who would then become responsible for paying the remainder of your debt?
4. Who do I trust to carry out my wishes?
Every Will needs an executor: someone who will carry out your last wishes as they are written in your Will. In Australia, your executor doesn’t need to be a solicitor or legal professional. You may simply wish to choose someone who you love and trust to carry out your wishes. But remember, the person you choose will have the responsibility of distributing your bequests to the right people. So be sure to pray about your decision and ask the person who you wish to name as executor to do the same.
5. How can I reflect my lifetime faith and values?
We all want to be remembered well after we are gone. Leaving a bequest or a gift in your Will is a wonderful way to demonstrate what you value and consider important, especially to your loved ones. When you include a Christian charity like CBM in your Will, it reflects your lifetime values of inclusion and justice for all. It reflects the love of Jesus. What a wonderful testament to your friends and family – both in life and death!
Let your love live on
When you include a charity like CBM in your Will, your legacy will benefit some of the world’s most vulnerable children and families for generations to come. If you’d like to know more about the work of CBM and how to support it with a bequest or a gift in Will, order your obligation free information pack today.
https://www.cbm.org.au/stories/how-to-write-a-will-in-australia
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