What is a will and how do you write one?

Estimated reading time
 5 min

Learn all about

• What a will is and why they’re important
• The different ways you can write a will
• Some of the will-writing essentials you need

When you’re busy living life to the fullest, writing a will is often the last thing on your mind.

But if the unimaginable happens and you’re suddenly gone, your friends and family might not know what to do with your belongings. This can cause some tension between your loved ones, or even some confusion about what to do next.

Writing a will gives you control over where your assets will go and how you want your end-of-life wishes carried out. It’s an important document that can alleviate stress and provide a clear path forward.

What is a will?

A will is a legal document that outlines your wishes for when you pass away. It might include instructions about the following:

• Who you want to receive your assets such as your home or savings, also known as your estate. The people you nominate to receive parts of your estate are called beneficiaries.
• Who you want to inherit heirlooms, such as the family’s crystal collection or your wedding ring.
• Who will receive any remaining superannuation. This is called a super death benefit.
• Who you want to look after your children or pets (or both).
• How to manage debt you might have in your name when you pass.
• Who you choose to carry out the instructions in your will, known as the executor.

When it comes to actually writing a will, here are some things you might need:

• A list of everything you own that’s of value to you (your assets). This could include cash savings, investments, vehicles or property. It’s also worth listing your digital assets like online accounts of value such as stocks and bank accounts. Don’t forget to include photo libraries, social media accounts or online gaming.
• Choose an executor – the person you want to carry out the instructions in your will.
• Decide who gets to inherit your assets (your beneficiaries), such as your partner, children, family, close friends, or a charity.
• You will need to sign your will in front of two or more witnesses.
• You must have the mental capacity to know and understand what a will is and what’s going in yours.

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Why write a will?

Writing a will can be empowering. You get to call the shots on what you want to happen when you’re not around. Preparing a will with this mentality can also encourage your loved ones to do the right thing by you to honour your memory.

There are also practical benefits to writing a will. You can choose who will inherit your estate and belongings. It can also resolve potential disagreements with your beneficiaries because you’re telling them how you want things handled.

How can you make a will?

Private solicitor

A solicitor is a type of lawyer who can provide advice about legal matters, including your will. Solicitors usually work for independent, private businesses.

• Pro: You might get more tailored advice and write a will that reflects your wishes.
• Con: A solicitor tends to be pricier than a public trustee or a DIY kit. The specific amount will vary based on your solicitor’s rates (such as per hour or as a package) and the complexity of your will.
• Pro: Your solicitor can help you create a holistic end-of-life plan. For example, they might help you draft your will, a power of attorney (a document that gives someone the power to make legal and financial decisions for you) and an advance care directive (which outlines your medical treatment preferences).
• Con: It might take longer to draft and finalise your will. And there may be ongoing costs if you make regular changes to it.

Public trustee

A public trustee is a government agency or business that offers professional services to help you with your end-of-life affairs, like creating a will.^disclaimer

• Pro: It’s generally cheaper to make a will with a public trustee than a solicitor. They might not charge you if you’re 60 years or older, or if you nominate them to be your executor.^disclaimer
• Con: The cost to write a will varies based on your state or territory. For example, Victorian public trustee fees start from $264. In NSW, it’s $462 for a basic will. These prices might change, so it’s always a good idea to check you state or territory’s trustee website.
• Pro: Public trustees are as experienced as private solicitors so you know you’re getting a will that ticks all the legal boxes.
• Con: If you nominate the public trustee to be your executor, there may be additional fees to have them divvy up your estate.

A DIY will kit

A DIY will kit allows you to make your own will without the need for a solicitor or public trustee.

• Pro: A DIY will kit is considered the cheapest way to make a will.
• Con: While will kits are convenient, you need to ensure they meet the legal requirements for a valid will. To be valid, your will must be in writing, signed, witnessed and created with mental capacity. That means you need to be of sound mind to make reasonable decisions when you create the will.
• Pro: They’re super convenient to buy and use, as you can purchase them from the post office, newsagent or through an online store.
• Con: If your personal situation is complex, then a DIY will kit might not be enough to cover what you need.

  Brain hack

You might be fit, healthy and on top of the world right now, so you delay your will preparation. But if the unthinkable happens, your family and friends might not get the support and care you were hoping for.

Optimism bias is our tendency to overestimate the likelihood of positive experiences (being alive and well) and underestimate negative ones (passing away).

While writing a will can be overwhelming, avoiding it entirely can cause more harm than you might realise. Instead of waiting for an emergency or health scare to spark action, take the time to prepare your will now and feel good knowing you’re putting in the effort to take care of your loved ones when you’re no longer around.