Creating or updating a will

The most important document you will probably never read again

A will is the foundation of any estate plan, and yet it is one of the most commonly overlooked legal documents a person can have. Whether you are putting one in place for the first time or reviewing an existing will that no longer reflects your circumstances, taking the time to get it right can make an enormous difference to the people you leave behind. Clear, properly drafted wills reduce uncertainty, minimise the potential for dispute and help ensure that what you have built is passed on in the way you intended.

Putting a will in place

For those who do not yet have a will, the starting point is understanding what a well-drafted will needs to cover and how it should reflect your personal circumstances, assets and wishes.

Work in this area may cover:

• Advising on the key components of a valid and effective will
• Identifying assets and interests that need to be addressed within the will
• Advising on the appointment of executors and the role they will play
• Structuring gifts, bequests and residuary arrangements to reflect your intentions
• Considering testamentary trusts and whether they may be appropriate for your circumstances
• Addressing superannuation, life insurance and other assets that sit outside the estate

A will that is properly drafted and reflects your current circumstances can provide real peace of mind for you and clarity for those you leave behind.

Reviewing and updating an existing will

Life changes, and a will that was appropriate at one point may no longer reflect your wishes or your situation. Marriage, separation, the birth of children or grandchildren, significant changes in assets or the death of a named beneficiary or executor are all reasons to review what is in place.

This may include:

• Reviewing an existing will against your current circumstances and intentions
• Identifying provisions that may no longer reflect your wishes or may operate in an unintended way
• Advising on whether a new will or a codicil is the appropriate course of action
• Updating executor appointments and beneficiary arrangements
• Ensuring your will remains consistent with other estate planning documents and arrangements

Keeping a will up to date is one of the simplest and most effective things a person can do to protect their family and their estate.

Wills in the context of broader estate planning

A will does not operate in isolation. How it interacts with superannuation, trusts, jointly held assets and binding death benefit nominations affects whether your estate is ultimately distributed in the way you intended.

Relevant considerations here might include:

• Reviewing how assets held in trusts, companies or jointly interact with your will
• Aligning your will with superannuation death benefit nominations and life insurance arrangements
• Considering the needs of blended families, dependants with special needs or vulnerable beneficiaries
• Addressing business interests and how they should be dealt with on death
• Considering the potential for family provision claims and how the will might be structured to manage that risk

Looking at a will as part of the broader picture rather than in isolation can help ensure your intentions are carried out as you expect.

Practical and considered advice

Estate planning conversations are personal ones. Advice is focused on understanding what matters to you and ensuring your will reflects that clearly, practically and in a way that holds up when it is needed most.