Why a will matters (at every stage of life)

Having a will isn’t just about legal documents and ticking administrative boxes. A will ensures your wishes are understood and provides clarity and reassurance for the people who matter to you. No matter what your personal circumstances are, if you have superannuation, property, savings or personal belongings, you have assets that need to be planned for in the event of your death. 

A will allows you to decide how your assets are managed and distributed. 

Super and your will 

While you may think superannuation forms a part of your estate, it isn’t automatically covered by your will. So it’s important to check your super beneficiary nominations and the conditions that apply. 

Super rules specify that your super benefit can be directly paid only to your dependants, these being your spouse, defacto partner, children or someone with whom you have an interdependent relationship. A valid binding nomination binds the trustee to uphold your wishes in paying your super benefit, while a preferred nomination gives the trustee guidance, however it is not bound by your nomination. Without a valid beneficiary nomination, the trustee is responsible for determining how your super will be paid, which may not be as you might have wanted. 

If you have defined benefit super account, you can’t nominate a beneficiary as there are set rules which dictate the payment of a benefit. They can only be paid to an eligible spouse or eligible children. 

If you nominate your legal personal representative as the beneficiary for your super, then it will forms part of your estate and can be paid according to your will. 

Retirees

Whether you’re planning to travel, downsize your family home, or simply enjoy a slower paced life, having your affairs in order as you prepare for these events is important.  Think of it as an instruction manual – giving guidance and comfort to your family should anything unforeseen happen.

As families grow and change

As children become adults and begin to have their own families, your priorities may shift. Reviewing your will allows you to reflect these changes and make sure everyone you care about is considered. 

During times of illness or health challenges

We all hope that we will be fit and healthy our entire life.  However, life can be unpredictable.  Having an up-to-date will and Enduring Power of Attorney in place ensures your wishes are respected if you’re unable to make decisions for yourself.  It also provides clarity and guidance for family members during emotionally difficult times. 

If you own a business

If you are a business owner, particularly if you have associates or partners, having a clear and up-to-date will helps to ensure your intentions are understood. It can provide certainty for your family and business partners alike, offering reassurance and protection should you die.

In blended families

When families come together, financial and emotional considerations can become more complex. Blended families are a common occurrence.  Making sure all of your family members are looked after when you die can be handled using a testamentary trust, which is a trust established by your will. 

When relationships change

Marriage, separation, divorce, or remarriage can all significantly impact how assets are distributed. Keeping your will up to date when your relationships change helps to ensure that it always reflects your current wishes and life circumstances.

Raising children

A will is one of the most important ways to protect children and provide stability if the unexpected happens. It allows you to nominate guardians and ensure your family is supported financially.

If you’re single 

Being single doesn’t mean planning matters less. A will allows you to decide where your assets go, rather than leaving those decisions to default legal processes.

Keep your will up to date

Creating or updating a will doesn’t have to be complicated. It’s about taking a thoughtful moment to reflect on your values, your relationships, and what matters most to you.

Whether your estate or your situation is complex or not, it’s important that your will takes many factors including tax considerations into account. Seeking independent legal advice from an estate planning lawyer can be time and money well spent.

Visit Moneysmart.gov.au to find out more information about wills and powers of attorney.