Why on earth do people spend more time researching a new air fryer than they do deciding how their entire life’s savings should be distributed after they kick the bucket? It is a total mystery to me. Most Australians seem to think that a will is a static document that you only need if you own a private island. It isn’t.

A huge mistake. I have sat across from too many families who are absolutely gutted because a loved one left a mess behind. Everyone have their own excuses for putting it off until next week or next year. Stop waiting.

Just the basic stuff

A simple will. This is the starting point for the vast majority of people who have straightforward assets. It covers the distribution of your bank accounts, your car, and your personal belongings. It’s clear. Phew, if only everyone started with at least this much!

Advance planning for the future is the only way to avoid the default laws of intestacy. These laws are a one size fits all solution that usually satisfies nobody in the end. It is like letting a stranger pick your clothes for the rest of your life. It’s uncomfortable. You want to be the one making the calls about who gets the grandmother’s wedding ring or the family dog.

When things get complicated

The testamentary trust will. This document is significantly more robust because it creates a separate legal entity inside the will itself to hold your assets. You use this when you want to protect your wealth from a beneficiary’s creditors or a potential divorce. It’s smart. (My office view of the Brisbane River is particularly distracting today, but I digress).

Tax benefits galore. A testamentary trust can allow your beneficiaries to distribute income in a way that minimises the overall tax burden on the estate. It is a bit of a complex beast to set up, but the long-term savings are worth the initial effort. Truly vital. You can also specify that a child doesn’t receive their full inheritance until they reach a certain age, such as twenty-five or thirty. It’s protective.

Thinking about the kids

Mirror wills are next. These are two separate legal documents that are almost identical for couples who share exactly the same vision for their estate. One spouse leaves everything to the other, and if both pass, everything goes to the children. It’s symmetric.

A common choice. This is perfect for young families who are just starting out and need a basic safety net for their children. However, you must remember that either person can change their will later without telling the other spouse. It’s risky. I was thinking of—no, that is a different legal issue entirely.

Protecting the family trust

Mutual wills are different. Unlike mirror wills, these contain a binding agreement that neither party will change their document after the first person dies. It provides a level of certainty that your assets will eventually reach your intended beneficiaries, even if the survivor remarries. It’s permanent.

Blended family solutions. This is the whole box and dice for people who have children from previous relationships and want to ensure everyone is treated fairly. You don’t want your biological children to be accidentally disinherited because your surviving spouse changed their mind ten years later. It happens. You need to be very clear about your intentions from the very beginning. Stay firm.

Keeping it all updated

The final step. You need to review your documents every few years or whenever a major life event occurs. True facts show that an outdated will is often worse than having no will at all because it creates confusion. It’s vital. Ugh, the amount of people who forget to remove an ex-spouse from their will is honestly staggering!

Current status quo matters. If you buy a new property, have another child, or start a business, your current will might no longer be fit for purpose. It is a living document that should grow and change as your life does. Be proactive. Don’t wait until a crisis hits to realise that your legal affairs are a total complete disaster.

~~I think I need a vacation after writing this.~~

Writing a will isn’t just about money; it is about providing peace of mind for the people you leave behind. It’s a final gift of clarity. You want your family to be able to grieve without having to navigate a labyrinth of legal hurdles and family arguments. It’s kind. Take the time to sit down with a professional and figure out which of these four types is the right fit for your specific situation. You won’t regret it.

Note: Double-check that your executor is actually willing to do the job before you name them!

The legal system in Australia is designed to respect your wishes, but only if you have expressed them in the proper format. Don’t take chances. Whether you need a simple will, mirror wills, mutual wills or a testamentary trust, the effort you put in now will save your family a world of pain later. It counts. You are building a legacy that deserves to be protected with the right legal tools.