Every adult should have a current will, yet many Australians delay putting one in place. A will is one of the simplest ways to protect your loved ones and ensure your wishes are followed. Without one, the law decides how your estate is distributed, which may not reflect your wishes.
Taking the time to create or update your will can provide clarity, reduce stress for your family and help ensure your estate is managed efficiently.
Typical Scenario (NSW Succession Act*)
Spouse only, no children | 100 percent of the estate goes to the spouse. |
Spouse and children | The spouse receives personal effects, the first $350,000 (indexed) and 50 percent of the remaining estate. The other 50 percent is divided among the children. |
Children only | The estate is divided equally among the children. |
Parents but no spouse or children | The estate passes to the surviving parent or parents. |
No close relatives | The estate passes to the State Government. |
Other states and territories have different formulas, but the principle is the same. Without a will, the law decides how your estate is distributed.
Court processes can add months or even years to the administration of an estate. Legal fees may increase and the process can create additional stress for family members.
Five Key Benefits of Having or Updating a Will
1. Control Over Your Legacy
A will allows you to decide exactly who inherits your assets and in what proportions they are distributed. This may include family members, friends or charitable organisations.
2. Protection for Modern Families
Many families include step children, former partners or dependent parents. A tailored will helps ensure everyone you care about is considered and reduces the risk of disputes.
3. Faster and Simpler Estate Administration
A clear and valid will can streamline the probate process. This can reduce legal costs and help distribute assets more efficiently.
4. Flexibility as Life Changes
Major life events such as marriage, divorce, the birth of children, property purchases or business growth can affect your estate planning. Updating your will ensures it reflects your current circumstances.
5. A Simple and Affordable Process
With moneyGPS and LawOnline, creating or updating a will can take less than 30 minutes and can be completed entirely online.
Service Provider Information
Some services referenced in this article may be provided through the default moneyGPS service providers. However, individual moneyGPS partners may use their own preferred service providers within their customised platform. If you are unsure which service providers apply to your account, please contact your accountant or financial adviser, or access the relevant services through your moneyGPS platform.