All About Wills
A Will isn’t just a document or your wishes; it’s your voice for when you’re no longer around to make decisions.
A valid Will is legally enforceable and must be followed. It ensures your assets are distributed according to your wishes and that your loved ones are protected.
Whether you have many assets or just a few sentimental items, a Will gives you peace of mind and reduces legal headaches for your family.
- Ensure Your Loved Ones Are Taken Care Of – Decide who gets what, from financial assets to sentimental items.
- Appoint Guardians for Children – Secure your children’s future by naming someone you trust.
- Avoid Family Disputes – Prevent unnecessary conflicts by clearly expressing your wishes.
- Minimise Legal Costs and Delays – A valid Will can reduce the time and cost of probate, making the process easier for your family.
What is a Will ?
A Will is a legal document that allows you to decide how your property and possessions will be distributed after you pass away.
You can also appoint a guardian for minor children and choose an executor to manage your estate.
In Australia, Wills must be signed in the presence of two witnesses to be legally valid and dated.
Why You Need A Will
If you die without a Will, you will have no control over who inherits your estate, and your estate will be distributed in accordance with the legislation.
If you die without a Will, it will take longer and will cost more to administer your estate.
Your estate will not be protected from any claims.
Your estate may go to the wrong people, such as ex partners, relatives you have no contact with or be given to the government.
Estate Horrors
What Happens When You Die Without A Will?
1
Estate going to 2 spouses
Julie, aged 80, passed away in NSW without any children. For the last 45 years, she had been in a long-term de facto relationship with Greg, and her assets, totaling $500,000, were solely in her name. However, at the age of 20, Julie had married John. She left the marriage five years later due to domestic violence but never formally divorced him and had no contact with him thereafter. When Julie left John, she had no assets; everything she acquired came after their separation.
Since Julie did not divorce John and died without a will, the Succession Act NSW 2006 (Section 122) deemed both Greg and John as her spouses, entitling them to share her estate equally.
2
Estate going to DeFacto partner and not to biological children
Jess, aged 35, passed away in NSW, leaving behind a modest estate. She owned a house valued at $250,000 with no mortgage, a car, and around $8,000 in her bank account. At the time of her death, Jess was in a de facto relationship with Sam, whom she had been with for three years. She also had two young children, Ace and Jack, aged 5 and 6, from a previous relationship with her ex-boyfriend (with whom she had already settled family law matters).
Tragically, Jess died without a will. Under the Succession Act NSW 2006 (Section 124), due to the small size of her estate, her children, Ace and Jack, were not entitled to any portion of it. Instead, the entire estate was awarded to her de facto partner, Sam. Had her estate been valued at more than $500,000, her children would have received a small portion, but Sam would still have inherited the majority.
3
Estate goes to government
Jim, aged 40, passed away in NSW, leaving behind a multimillion-dollar estate. He was unmarried, had no de facto relationships, and no children. Both of Jim's parents and grandparents had predeceased him, and he had no siblings. With no "eligible persons" under the Succession Act 2006 (NSW) to inherit his estate, the entire fortune, by law, was forfeited to the government.
4
Estate goes to child that you have no contact with
Gary, aged 60, passed away, leaving behind an estate valued at $950,000. His wife, Jen, had died the previous year, and they had one child, Jill, who survived them. However, Jill had been estranged from her parents for over 20 years. Before the estrangement, Jill struggled with substance abuse and was often abusive towards Gary and Jen. She did not attend either of their funerals.
Since Gary died without a will, Section 127 of the Succession Act 2006 (NSW) dictated that his entire estate be passed on to Jill, despite their long-standing estrangement and her absence from his life.
Note the above scenarios are in accordance with the NSW Succession Act. Each state has slightly different legislation.
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