Writing your Will
Five things to consider before writing your Will
A Will is one of the most important documents you will ever create. It sets out your final wishes, ensures your loved ones are protected and allows you to leave a legacy supporting the causes that matter most to you.
While putting together your Will might seem overwhelming, we’ve created this step-by-step guide to make writing your Will as easy as possible.
Step 1: Make a list of your assets
The first step to creating a Will is putting together a detailed list of your assets. This may include:
- properties you own
- your super account
- money in bank accounts
- life insurance policies
- investments e.g. shares
- valuables e.g. art, jewellery etc.
- digital assets e.g. photos, videos, cryptocurrency
You should also make a list of your liabilities. This may include:
- mortgages
- credit card debts
- personal loans
Step 2: Select an executor(s)
Once you’ve considered your assets, it’s time to decide who you wish to appoint as executor of your Will. This person may be your spouse, a family member, or a trusted friend and will be responsible for administering your estate and ensuring that the provisions of your Will are complied with. It’s essential you get their agreement to take on this executor role before starting your Will.
It is recommended you also select an alternate executor in case the primary executor predeceases you or cannot fulfil the role at the time of your passing.
Step 3: Select your beneficiaries
A Will allows you to nominate which people or organisations you wish to leave your estate to. This may include partners, family members, friends, or the charities you support.
Before writing your Will, ensure you have noted down:
- the full name of any beneficiaries and their relation to you
- what assets you wish the beneficiary to receive e.g. a certain percentage of your estate
Step 4: Select any guardians and/or powers of attorney
If you have any dependents, you need to consider who you wish to take over guardianship in the event of your passing. Discuss this decision with the nominated guardian(s) before writing your Will to ensure they are willing to take on this responsibility.
This is also the perfect time to consider who will look after you should you become unwell or lose capacity. This person can be appointed as your power of attorney. Any powers of attorney will need to be created separately from your Will.
Final tip: Collect all your legal documents and store them with your Will
In the event of your passing, it will help your executor fulfil their duty if you store any important legal documents with your Will. These documents may include:
- birth certificate
- marriage certificate
- divorce decrees
- citizenship papers
- immigration documents
- documentation related to your assets
Acknowledgement of Country
The Victor Chang Cardiac Research Institute acknowledges Traditional Owners of Country throughout Australia and recognises the continuing connection to lands, waters and communities. We pay our respect to Aboriginal and Torres Strait Islander cultures; and to Elders past and present.