Preparing your Will

Why it's important to have a Will

Kim Johnson Regardless of your age and circumstances, it's essential to have an up-to-date Will. This ensures your wishes will be accurately carried out after your death, and your assets will be distributed to the people and causes you care about. Having an up-to-date Will means your loved ones won't need to make difficult decisions about distributing your estate.

About 42% of all Australian adults don't have a Will*. If you die without one, decisions about your estate will be made according to law, and some of the people you care about might be overlooked.

‘I hope my bequest will save the lives of others, and their loved ones from the pain I have experienced'. - Kim Johnson

Many people find having an up-to-date Will gives them peace of mind. It allows you to maintain control of your affairs and leaves no uncertainty about what will happen with your estate.

Create your Will in 5 easy steps

Calculate the value of your estate by totaling the value of your property, possessions, and money, and subtracting loans and mortgages.
Decide who should benefit from your Will. This may include friends, family members, or charitable organisations. If you would like 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 any persons who are financially dependant on you and who therefore may be able to challenge your Will.
Select a practising solicitor or trust company to act as your professional advisor. This ensures that your Will is legally correct and that your wishes will be followed accurately.
Select an Executor for your Will, as they will ensure that your wishes are followed correctly. Solicitors, family members or friends can act as an Executor.
Keep your Will up-to-date as your circumstances change. If the alterations are substantial it is best to write a new Will, however for minor changes a codicil (an amendment) can be added.

What if I already have a Will?

Even if you have already made your Will, you can still leave a bequest to us. It is important to review your Will regularly to ensure it accurately reflects your wishes.

Key milestones when you should check your Will and update it if necessary include:

marriage
the birth of children and grandchildren
change in financial circumstances
separation or divorce
death in the family.

If you find that your circumstances have changed significantly, it may be necessary to have your Will re-written. However, if the changes or additions are minor, 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.

* Giving Australia Report, 2005