Explaining why she decided to re-do her will now, Lutwyche says: “I wanted to give my super fund trustees direction about how I want my assets distributed after my death.” The couple has been together for 16 years, but are not married, and have children from a previous marriage. They also wanted to ensure the person left behind after one of them dies is looked after and their other beneficiaries are fairly treated when they are both no longer here.
NSW Trustee & Guardian senior solicitor estate planning, legal and professional services, Natalie Darcy says everyone over the age of 18 should have a will because you never know what’s going to happen.
“But there are some triggers that make people think about making or updating their will,” Darcy says. “These include having children, grandchildren, or a change in relationship status, that is, if you marry, divorce, enter a de facto relationship or separate. The death of a loved one is another trigger that can prompt people to update or make their will.”
Major changes to financial circumstances, such as buying or selling property, starting or ending a business or coming into an inheritance and travelling overseas are also points at which people make a will.
Research backs this up. A group of academics from the University of Queensland and the University of Technology, Sydney, have published a study that found getting married or entering a relationship, becoming a parent and having a high value estate are reasons for making a will.
Simpson-Morgan stresses how important it is to ensure your will is prepared by an expert in wills. “As a bank manager, I’ve often seen people write their own will using pro-forma documents you can get from a post office. It’s surprising how often these disappear once someone dies.”
Darcy says there some important things to think about in preparation for seeing a professional to make a will.
“Make a list of assets and liabilities and have any documents related to those handy, along with copies of any previous wills you have made. Also think about who you would like to be your executor, gifts you want to give beneficiaries and who you want to look after your children if they are under 18 years of age when you die. Also think about how you would like your pets to be cared for after your death.
Triggers to making a will can include a change in relationship or buying a property.Credit:Getty.
“If you’re in a blended family, there will be a number of issues that your adviser will talk you through. The nature of the discussion will also depend on the complexity of your assets. Some people have relatively simple financial affairs and other people have complex affairs involving businesses, companies and trusts. So the things you need to consider and the discussions you have with your adviser very much depends on your circumstances.”
Caitlin Manley and Loridana Scandurra were recently married and welcomed twins in June this year. They have also recently bought a property. All these events were triggers to update their wills.
“We made a will to have control and plan our lives should something happen to us,” Manley says. “But our main priority was to ensure our children would be taken care of by the people we want and trust should we die prematurely.”
During the process, Manley and Scandurra went through deciding who they want their assets to go to, who will take care of their children and who their executor should be. “You need a person you can trust to execute your will.”
NSW Trustee & Guardian’s Darcy says storing your will in a safe place and letting people in your life (such as your executor, beneficiaries and family members) know where it’s located is vital.
“Some people keep their will at home, but there’s a risk it could be lost or damaged. It’s best to keep your will and other important documents like your power of attorney, your appointment of enduring guardian and the certificate of title for your house in safe place, such as NSW Trustee and Guardian’s Will Safe or in safe custody with your solicitor. If your will can’t be found when you die, it may mean your assets are not distributed according to your wishes and your estate and beneficiaries could incur extra legal costs.”
Simpson-Morgan agrees it’s important your family knows where your will is stored. “Ours are stored with (NSW) Trustees, which is an organisation that has been here for more than 100 years and will probably be here for another 200 or more.”
Darcy says it’s easy to assume you don’t need a will if you’re young or have not yet built up substantial assets. But if this year has proven anything, it’s to expect the unexpected. It’s important to have a will in place once you turn 18 years of age, no matter what your financial circumstances are. Even if you feel you don’t have a lot of assets, there are always things to be dealt with and finalised. By having a will, what you have can be distributed as per your wishes and you can take some pressure off your loved ones during an especially difficult time in their lives.
Says Manley: “If your circumstances change, it’s easy to adjust your will. So don’t wait until you’re old to make a will because things can happen when you’re young that will make you very grateful you had a will in place.”
