Need a will? We know a way.
A plan for what happens next.
There are moments in life when it’s good to step back and think about what really matters. Making a will is the first step you can take towards protecting your assets and the people you care about the most.
However, it can sometimes be a difficult and expensive process. We’re here to help by showing you the different ways you can get started.
A will is important. Here’s why:
It provides for the future of your loved ones.
It gives you control over how your assets are distributed.
It’s an opportunity to appoint a guardian for your children.
It helps avoid uncertainty over your assets, potential legal costs, and strain on family relations.
Three ways to get started.
Go online.
There are online services that let you plan and create your will. Not all online will services are the same so please ensure you read the fine print and seek professional advice.
Visit a lawyer.
Trust and estate lawyers often specialise in wills and estate planning. They can offer you legal advice and representation.
Visit a State Trustee.
This is a government agency that offers a range of trustee services. They can also appoint you a financial attorney.
More help if you need it.
Before you get started, it might be worth looking at some helpful tools and resources we have available.
Get organised
Someone close to you or a trusted adviser might need to manage your personal admin on your behalf. To help give them the right details, use the First things first checklist (PDF 65KB).
Plan ahead
Before you use an online service, or visit a lawyer or state trustee, it’s worth having information about your family and assets ready. To help, you can use the Estate planning checklist (PDF 92KB).
Speak to your loved ones
It’s important to talk to those closest to you about your finances and wishes. Here are some practical things you can discuss, End of Life planning and Power of Attorney.
Frequently asked questions
If you pass without a will, you are considered intestate. This means that your assets will be distributed according to a pre-determined formula. Your assets might not end up with the people you would have chosen, and you have no control over who distributes them.
Being intestate can cause emotional and financial stress for your family and friends. If you’re in a de-facto or same-sex relationship, evidence will need to be supplied to prove the relationship existed.
Big milestones in your life are ideal moments to ensure you have an up-to-date will in place. Examples may include:
- Purchasing your first home.
- Getting married.
- Having a child.
- Adding to your family.
- Selling or moving to a new house.
- Paying off your home loan.
- Travelling.
Someone you appoint to protect and manage your assets on your behalf.
Your property and possessions at your time of passing.
The relationship between a person that holds the title to property (trustee) and people that are entitled to benefit from that property (beneficiaries).
An executor is the person that will carry out the wishes on your will. Their role is to manage the estate within the terms of the will and protect the assets of the estate.
A trustee looks after ongoing bequests to family and friends for a specific time stated in a will. The executor and trustee must comply with various laws and rules that govern the administration of deceased estates and trusts.
If requested by you, the will maker, the lawyer can store your legal documents for easy access by you or your loved ones. You can also provide a copy to a trusted loved one or store the original safely yourself if you wish.
Things you should know
If you are unsure about your legal needs you should obtain independent legal advice. This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice. © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.