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What is a Will?
Last Updated:
25/03/2025
A Will is a legal document with instructions for who you want to inherit your estate, care for your children, and be the executor of your estate when you pass away. A Will is one of the most important legal documents you’ll make. It generally includes: what you want to happen to your estate after your death, including who your beneficiaries are and the distribution of assets the executor (or co-executors) who you entrust to carry out those wishes your nominated guardian and the terms of any trust set up for your children or other beneficiaries any specific funeral or memorial preferences.
What to Include in a Will
There are many important decisions to make when creating your Will. Here are some things to think about before you see a professional to have your Will made.
Choosing an Executor
An executor is responsible for managing your estate and carrying out your wishes after you pass away. They must handle legal, financial, and tax matters, and remain neutral in case of disputes.
List Your Assets
It’s important to identify all your assets—owned individually or jointly—and ensure your executor knows where to find details of your assets and liabilities. This helps simplify estate administration. Assets may include:
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Property (with or without a mortgage)
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Business interests
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Cash, shares, and valuables
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Intellectual property and royalties
Note: Not all assets form part of your estate.
Decide on Your Beneficiaries
A beneficiary is a person or organization (like a charity) that receives a part of your estate after you pass away. When choosing beneficiaries, also decide who should receive their share if they pass away before you.
Updating your Will
It's recommended to review your Will every 5 years as well as whenever there's a significant event or change in your life. This could be:
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getting married
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having children
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changes to your financial situation
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separating or divorcing
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moving overseas
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the death of a proposed beneficiary or executor.
In these situations, the terms of your Will may be impacted so it's important to ensure it reflects your current circumstances.