Preparing your Will

Why it’s important to have a Will

It's essential to have an up-to-date Will, regardless of your age and circumstances. This ensures your wishes are accurately carried out, and your assets are distributed to the people and causes you care about.

Your Will leaves no uncertainty about your estate, and prevents loved ones from having to make difficult decisions.

If you die without one, your estate will be distributed according to law, and people you care about may be overlooked. 

Create your Will in 5 easy steps

1. Calculate the value of your estate by totaling the value of your property, possessions and savings, and subtracting loans and mortgages.
2. Decide who should benefit from your Will. This may include friends, family, or charities. To include a gift to the Cancer Council Victoria, download our Will wording to take to your solicitor. Remember to seek your solicitor’s opinion about whether you have adequately provided for people who are financially dependant on you and may challenge your Will.
3. Select a practicing solicitor or trust company to be your professional advisor. This ensures your Will is legally correct and that your wishes will be followed accurately.
4. Select an executor for your Will, who will ensure that your wishes are followed correctly. Solicitors, family members or friends can act as executor.
5. Keep your Will up to date as your circumstances change. If the alterations are substantial, write a new Will. For minor changes, a codicil (an amendment) can be added.

When to update your Will

It’s important to review your Will regularly so it accurately reflects your current wishes.

Key milestones for checking your Will include:

• Marriage
• The birth of children and grandchildren
• Change in financial circumstances
• Separation or divorce
•  Death in the family.

If your circumstances have changed significantly, you may need to have your Will re-written. However, for minor changes or additions, you can speak to your solicitor about a simple addition or codicil (an amendment) to your existing Will. 

You can use a codicil to include a bequest to us. Simply download our Will wording to take to your solicitor.

 

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