Will

A Will is the central document of estate planning: it names the people who receive your assets, appoints the executor who carries out your wishes, and can appoint a guardian for your minor children. To be valid in Australia it must generally be in writing, signed by the testator, and signed by two witnesses who are present at the same time. Without a valid Will you die intestate and your assets pass under a fixed statutory formula rather than your choices.

A Will operates only on death and can be updated by a fresh Will or a codicil at any time while you have testamentary capacity. Example: Priya signs a Will leaving her home to her partner, dividing the residue between her children, and appointing her brother as executor. Note that in every Australian state and territory, marrying after signing automatically revokes a Will unless it was made in contemplation of marriage.