Will Lawyers Melbourne
Basic Wills

What is a Will?

Briefly, a Will does the following:

• It legally states what you want to happen with your assets (and care of minor children if applicable) after you die;
• It names your executor, who is the person or people that you want to be responsible for looking after your affairs; and
• It names your beneficiaries, who are the people you have chosen to share in the assets of your estate.

Why do I need a Will?

• If you die without a Will, the intestacy laws determine how your assets will be distributed and this may not necessarily reflect your wishes or intentions.
• By intestacy laws, your next of kin is entitled to your estate. The next of kin continues as far as extended cousins. If, for example, you die with no spouse, parents or children then your aunties and uncles or cousins are entitled to your estate even if they have been estranged.
• Alternatively, if there are no living relatives then your Estate may pass to the government.
• Having a Will is a wise move as your Executor will be able to carry out your wishes.

What Items Should Be Included In Your Will?

Your Will needs to deal with:

• Money held in bank accounts and term deposits;
• Any land, houses or commercial property that you own.
• Any shares in companies;
• Any other investments;
• Personal belongings;
• Some life insurance policies; and
• Employment entitlements.

(Important Note: if you own your property jointly with another person then on your death your share in the property will automatically pass to the surviving Joint Tenant without reference to your Will.)

What Other Things Can Be Included In My Will?

Your Will can also include:

• appointment of Guardians to care for any minor children;
• appointment of a Trustee to control assets that are left to minor children, until they reach 18 years of age;
• directions regarding your burial or cremation; and
• directions that personal assets be distributed in a particular way or to particular beneficiaries.

What items are not included in your Will?

• In some cases, Superannuation. You should consider a Binding Death Benefit Nomination to your superannuation fund to direct the Trustee of your superannuation fund to distribute your superannuation in a specific way. You may however consider making your estate your beneficiary to direct Superannuation through your Will.
• Some Insurance Policies;
• Any property held as Joint Tenants, as noted above; and
• Family Businesses conducted through companies, family trusts or partnership. See our Estate Planning Page.