A Will gives your family certainty about your intentions and saves them cost and inconvenience at a time when they’re grieving. Without one, a statutory formula in the Administration Act 1903 (WA) decides who inherits and it may not be who you’d have chosen.
Ten reasons to make a Will
1. You decide who benefits from your estate
If you die without a Will, your estate is divided according to an arbitrary formula set out in the Administration Act 1903 (WA). The people you’d like to benefit may not end up with your assets. Contrary to popular belief, your spouse may not get everything. See What does it mean to die intestate?
2. You appoint someone to take care of your children
If you want a specific friend or family member to take care of your children when you die, you need to appoint them as guardian in your Will. If you don’t, the Court may choose a guardian for you.
3. You can minimise tax
You can establish a testamentary trust in your Will to reduce the tax your beneficiaries pay on the income they receive from your estate. The saving repeats every year for as long as the trust runs. See Estate planning trap no. 5 – the taxman.
4. You can protect your assets
A well written Will and testamentary trust can protect an inheritance from bankruptcy, spendthrift beneficiaries, relationship breakdown and beneficiaries who struggle with gambling, alcohol or drug addiction. See Estate planning trap no. 4 – rocky marriages.
5. Your family can carry on your business
If you’re the sole director and shareholder of your company and you die without a valid Will, your death may leave the company with nobody properly authorised to manage the business. Your executor can step in, but where there’s no Will there’s no executor until the Supreme Court appoints an administrator and that takes months the business may not have.
6. You save your family time, money and stress
A properly drafted and signed Will lets your estate be wound up with minimum hassle and cost. A home made one often does the opposite. See Estate planning trap no. 2 – home made Wills.
7. You decide who manages your affairs
By making a Will you appoint a trusted friend, family member or professional to take control of your estate on your death. Without one, whoever applies to the Court takes on the job.
8. You prevent unnecessary grief
A Will gives clear directions to your family and friends, making it easier for them to deal with your assets when you die. That avoids arguments at a time when your family is already grieving.
9. Your current Will may already be invalid
Unless your Will says otherwise, it’s revoked when you marry or divorce. A Will made before either is no longer effective and if you don’t make a new one you die intestate. See How often do I need to update my Will?
10. Making a Will is easy
Most Wills take one appointment. We exist to help people simplify and solve legal problems, so leave the technical work with us and know your affairs are in order.
What else should you sort out at the same time?
Your Will only operates after you die. An Enduring Power of Attorney and an Enduring Power of Guardianship decide who acts for you while you’re alive and unable to act for yourself and neither is covered by a Will. See EPOA and EPOG in WA: who makes decisions if you lose capacity.
Once the Will is signed, it needs to be somewhere your executor can find it. See Where should I store my Will?
Frequently asked questions
Do I need a Will if I don’t own much?
Yes. A Will appoints your executor and names a guardian for your children and neither of those depends on how much you own. Superannuation and life insurance also mean many estates are larger than people expect.
How long does it take to make a Will?
Most straightforward Wills take one appointment. More complex estates involving a business, a family trust or a beneficiary who needs protecting take longer, because the planning matters more than the drafting.
Can I write my own Will?
You can. A home made Will is valid if it’s signed and witnessed correctly and its meaning is clear; but be careful – the estates we see cleaned up after a Will kit cost far more to sort out than a properly drafted Will would have cost to prepare.
What happens if I never make one?
You die intestate. A statutory formula divides your estate between your relatives, nobody has authority to act until the Supreme Court appoints an administrator and your children have no guardian named by you.
Don’t put it off any longer
Most Wills take one appointment. We tell you the fixed price before we start.
Book a consultation or call the Wills team on (08) 9220 4433.
See our Wills service and pricing.
This article is general information and not legal advice.
