What is a Will

• who will receive your belongings and assets after you die; and
• who will be responsible for managing your estate (i.e. your executor).

A will can also be used to appoint a guardian to look after children until they can look after themselves.

Apart from these obvious advantages, a will can also save the expense and possible squabbles that may arise when a person dies without a will. This is because your will clearly sets out your wishes, and saves your estate from being distributed in a way that you may not want.

Everyone should have a will. A will is the only way you can tell others how you want your assets to be distributed after your death. It is the best way to provide for people who may depend on you financially, e.g. children.

Of course, it's always easy to put it off. Apparently, Robert Holmes-a-Court didn't have a will when he died. He'd had one prepared, but he spent months carrying it around in his briefcase and didn't get round to signing it. Fortunately for his widow, his children were prepared to not claim their substantial entitlements under intestacy rules.

Even if you only own a few assets, it's worth making a will so that you can be sure about what happens to those assets after you die. If you don't have a will, your assets will be distributed according to intestacy rules. These rules apply to everyone and do not take account of your individual circumstances or what you may have wanted.

A will also allows you to choose a person to manage the distribution of your assets. This person is called an executor. If you don't have a will, your assets will be managed by a person called an administrator. This person does not have all the powers than an executor does.

Wills and the administration of estates are covered by State and Territory laws, e.g the Wills Act in Victorian and the Wills Probate and Administration Act in NSW.

Bet you never thought you'd be interested in seeing John Lennon's will, Elvis' will or what about Jacqueline Kennedy Onassis. You may not be. But if you are, try this link. But remember to come back, there's lots more information to come.

Read this: This fact sheet is intended to be general information about the law in Australia. It is not a substitute for legal or other professional advice. LAwscape Communications Pty Ltd, Fairfax Interactive Pty Ltd or MoneyManager does not accept responsibility for loss to any person, who either acts or does not act because of this fact sheet.

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