Why do I need a Will?
Your Will is a formal legal document that sets out how you want your estate distributed after you die, and nominates people you know and trust to important roles, such as your executor.
A Will should follow legal rules and formalities, including requirements about how it is signed and witnessed. If those requirements aren’t met, your loved ones can end up with major problems after your death.
So, why do you need a Will? Here are some of the biggest reasons.
1. So your estate goes where you want it to
No Will, no choice. If you die without a Will, you die intestate.
Your estate is then distributed according to the Queensland Rules of Intestacy. These rules set out who receives your estate and in what proportions. They don’t take into account your individual wishes, family dynamics, or the needs of the people you leave behind.
For example, you might have very different ideas about what would be fair for your spouse, children, stepchildren, parents, or other family members. The Rules of Intestacy don’t know or apply any of that.
Having a Will gives you the opportunity to make decisions about how your estate is distributed, within the limits of the law.
2. To help protect the future of your children
If you’re a parent of a child under 18, this is a big one. In Queensland, a parent or guardian can appoint a person as a testamentary guardian of their child in their Will. The appointment can give that person important powers and responsibilities concerning the child’s long-term care, welfare, and development.
Your Will can also form part of a broader estate planning strategy for your children.
That might include planning for:
who will care for your children if you die
who will make important decisions for them
how their inheritance will be managed
when and how they receive their inheritance
protecting their inheritance from certain risks
providing flexibility if their needs change as they grow up.
If you have young children, your estate plan needs to look beyond simply deciding who gets your money.
We’ve created a collection of free resources specifically for parents of young children, which you can find here.
3. To make things easier for the people you leave behind
Dealing with someone's death is hard enough. Your loved ones then have to deal with practical matters, including identifying assets, paying debts, communicating with organisations, and administering the estate.
A clear Will gives your executor a framework for dealing with your estate. If there is no Will, someone may need to apply to the Court for a grant of letters of administration before they have authority to administer the estate.
There can also be uncertainty about who should take on the role of administrator and how the estate should be dealt with.
A Will can give your family a clearer starting point.
4. To choose your executor
Your executor is the person you nominate to administer your estate after your death. They may need to:
identify and collect your assets
pay your debts and liabilities
deal with banks, insurers, superannuation funds, and other organisations
arrange for assets to be transferred or sold
deal with tax and other estate administration matters
respond to any claims made against your estate
distribute your estate according to your Will.
Choosing the right executor is an important part of your estate planning.
You want someone you trust to deal with your affairs, understand their responsibilities, communicate effectively, and get professional advice when they need it.
5. To put a strategy around your wealth
Your estate plan can be about much more than simply deciding who gets what.
Depending on your circumstances, there may be strategies available to help with things such as:
protecting an inheritance
providing for children or other vulnerable beneficiaries
giving your beneficiaries flexibility
managing how and when an inheritance is received
tax planning
protecting assets from certain future risks.
For example, a testamentary discretionary trust may be appropriate in some estate plans. It can provide flexibility around how an inheritance is managed and distributed, and may offer asset protection and tax benefits in appropriate circumstances.
A testamentary trust isn’t automatically the right answer for everyone. The right structure depends on your family, assets, beneficiaries, and goals.
That’s why estate planning is about much more than filling in the blanks on a Will template.
6. To plan for your business
If you own a business, your Will is only one part of the picture. You may need to consider what happens to your business interests when you die, including who receives them, who can take control, and whether the business can continue operating.
Depending on your circumstances, succession planning may involve working with your estate planning lawyer, business partners, accountant, and financial planner.
The goal is to have the right pieces in place while you’re alive, rather than leaving your loved ones and business partners to work it out after your death.
7. To leave specific gifts or sentimental items
You may have particular things you want to leave to particular people.
Perhaps there’s jewellery you want your daughter to have. A family heirloom you want your sibling to receive. A collection you want to pass to someone who will appreciate it. Or money you want to leave to a charity that means something to you.
Your Will can include gifts of money, property, personal items, and other assets that form part of your estate.
You can also use a Letter of Wishes to provide additional guidance and personal information for your executor and loved ones.
8. To include your funeral and body disposal wishes
Your Will can include wishes about what happens to your body after death, including preferences around burial or cremation. You can also include wishes about your funeral, memorial service, or other ceremony.
You might want a traditional funeral. You might want a celebration of life. You might not want a formal service at all.
Your wishes can be documented so your loved ones have some guidance about what matters to you.
For more personal detail, a Letter of Wishes can be a great place to record the things that matter to you, including your funeral preferences, stories, messages for loved ones, and other guidance.
9. To make your wishes known
A Will gives you an opportunity to make your intentions clear. Without a Will, your loved ones are left with the Queensland Rules of Intestacy.
Those rules might produce an outcome that works perfectly well for you. They might not.
The important thing is that you don’t get to choose. A Will gives you options.
A Will is one part of your estate plan
Having a Will is important, but your Will doesn’t necessarily control everything you own. Some assets can pass outside your estate, depending on how they are owned or structured.
For example, superannuation may be dealt with through your super fund and a valid death benefit nomination, while jointly owned assets may pass according to the terms of the joint ownership.
That’s why simply having a Will isn’t always enough. A good estate plan considers your whole financial and family picture, including your assets, liabilities, relationships, children, business interests, superannuation, insurance, and your wishes for the future.
So, do I really need a Will?
If you’re an adult with assets, a family, a business, a superannuation balance, or people you care about, it’s worth considering how you want your affairs dealt with after your death.
A Will gives you the opportunity to make those decisions yourself. It lets you nominate your executor, make gifts, appoint testamentary guardians where appropriate, and put strategies in place for the people you leave behind. Most importantly, it gives your loved ones a plan to work from at a time when they’re already dealing with your death.
No Will means the law makes the plan for you. A Will gives you the opportunity to make your own plan.
If you’d like to learn more about what goes into an estate plan, check out our Complete Estate Plan Guidebook.
If you’re ready to get your estate plan sorted, head to Request a Booking to get started.