What's a Will vs an Estate Plan?
A will is a legal document that specifies how your assets are distributed after death. An estate plan is broader — it includes a will, power of attorney, advance health directives, and beneficiary designations.
Our Will & Estate Planner is a planning tool and checklist, not a legally valid will. You'll use it to organize your wishes, then have a solicitor create a proper will that meets all legal requirements.
Essential Information to Document
1. Executor (and Alternate)
Your executor is the person responsible for carrying out your wishes, managing assets, and distributing them according to your will. Choose someone you trust completely. Ideally, also name an alternate in case the first one can't serve.
2. Beneficiaries
List everyone who should inherit, along with what percentage or dollar amount each receives. Be specific:
- Spouse: 50%
- Adult child A: 25%
- Adult child B: 25%
If leaving amounts to young children, consider whether they get money outright or in a trust (to be managed until they're 18 or 21).
3. Specific Bequests
Items or assets left to specific people:
- "My diamond engagement ring to my daughter Sarah"
- "My car to my son Michael"
- "$10,000 to my best friend Jane for her education"
4. Residual Estate
Everything that isn't specifically bequeathed goes to the residual beneficiary. This is usually your spouse or children. Example: "The remainder of my estate goes to my surviving spouse."
5. Guardianship for Minor Children
If you have children under 18, appoint a guardian. This person will raise them if both parents die. Name an alternate as well. Discuss this with the proposed guardian first — they must be willing to take on this responsibility.
6. Digital Assets and Online Accounts
Document:
- Email accounts and passwords (or access instructions)
- Social media accounts
- Cryptocurrency or digital wallets
- Online banking and investment accounts
- Domain names and websites you own
Don't include passwords directly in your will (which is public). Instead, keep a separate secure list and tell your executor where to find it.
7. Funeral and Burial Preferences
Document your wishes:
- Cremation vs burial
- Preferred funeral home or religious rites
- Whether you want a service or private cremation
- Approximate budget for funeral costs
8. Financial Assets
List major assets for your executor:
- Bank accounts (name, BSB, account number)
- Investment accounts and shares
- Property (addresses and mortgages)
- Life insurance policies (policy number, insurer)
- Superannuation accounts (which may have beneficiary designations)
9. Debts and Liabilities
Document:
- Mortgage details and balance
- Personal loans or credit cards
- Any other debts
Your executor uses assets to pay these before distributing to beneficiaries.
DIY Will Limitations in Australia
A valid Australian will must meet strict requirements:
- Signed by you in the presence of two witnesses who are not beneficiaries
- Witnesses must be adults (18+)
- Witnesses must sign in your presence
- Both witnesses must see you sign and each other sign
- The document must clearly state it's your will
DIY wills that don't follow these rules can be contested or invalidated. Your family might end up in court fighting over your wishes — costly and stressful.
Superannuation and Beneficiary Designations
Superannuation doesn't pass through your will. Instead, it goes to whoever you've named as a beneficiary with your super fund. Check your super accounts and update beneficiary designations regularly. If you don't name anyone, your super goes to your estate, which delays distribution.
Life Insurance Beneficiaries
Life insurance policies also have separate beneficiary designations. Check these policies and ensure the beneficiary is still correct. If you want your insurance to fund your estate (not go directly to a person), name your estate as the beneficiary.
When to Update Your Will
Review and update your will when:
- You get married or divorced
- You have a child or grandchild
- You acquire significant assets (property, business)
- A beneficiary or executor dies or becomes incapacitated
- Your wishes change
- State laws change
Power of Attorney and Advance Health Directives
While documenting your estate, also consider:
- Power of Attorney: Appoints someone to manage your finances/property if you become incapacitated
- Advance Health Directive (Living Will): Specifies your medical wishes if you can't communicate (e.g., life support preferences)
These ensure someone can act on your behalf if you're unable to during your lifetime.
Use the Estate Planner →