What a Will Does – And Why It Really Matters
If you own a home, have children, or simply want to make things easier for the people you care about, having a will is essential.
A will is one of the most important legal documents you can have. It sets out: • who receives your assets and personal items
- who will administer your estate (your executor), and
- if you have young children, who you want to look after them.
A well-prepared will provides clarity and certainty, reduces the risk of disputes, and helps your wishes be carried out. Without one, your estate is dealt with under intestacy laws, which may not reflect your preferences and can increase costs, delays and stress for loved ones.
When Should I Create or Update a Will?
You should review your will whenever your circumstances change in a significant way, including:
- buying or selling a home or investment property
- the birth or adoption of a child
- marriage, separation or divorce
- starting, selling or winding up a business
- receiving a significant inheritance or other windfall a diagnosis of a serious illness
Keeping your will current ensures it remains relevant and effective when it’s needed most. If any of these changes sound familiar, it’s a good time to check whether your will still does what you want it to do.
Common Misconceptions About Wills
"I don’t need a will if I don’t have significant assets."
A will is not just about money. It lets you choose your executor, provide for guardianship of children and make gifts of sentimental items, such as family heirlooms or personal possessions that matter to you.
"My family knows what I want, so that’s enough"
Conversations aren’t legally binding. In NSW, only a written will that’s properly signed and witnessed can ensure your wishes are followed. In fact, the person managing your estate may be prohibited from honouring a verbal wish if it is not set out in a will.
"Is my will valid outside of NSW?"
Wills validly made in NSW are generally recognised across Australia. However, overseas recognition depends on the laws of the relevant country. If you have assets or connections overseas, you should get tailored advice about how your will operates in those jurisdictions.
Frequently Asked Questions
1. What is an executor?
An executor is the person (or people) you appoint to manage your estate after your death. Their duties can include:
- arranging the funeral
- applying for a grant of probate (the court’s authority to act on your will) • safeguarding and collecting assets
- paying debts and taxes, and
- distributing the balance to your beneficiaries.
It is important to choose someone you trust who has the capability and time to handle these important responsibilities.
2. What happens if I die without a will?
If you die without a valid will, your estate is distributed under intestacy laws. These laws set out a fixed order of who can inherit (typically starting with your spouse and children). This may not align with your wishes and can increase the risk of disputes, additional costs and delays.
3. What is probate?
A grant of probate is a court order confirming that a will is valid and that the executor has authority to deal with the estate in accordance with it. Many asset holders (for example, banks and share registries) require a grant of probate before they will release assets to the executor.
4. Will I need probate?
Whether probate is needed depends on the circumstances and the requirements of the asset holders.
You will generally need to obtain probate if the deceased:
- owned real property (such as a house or land) in their sole name, or
- held higher‑value assets (such as bank accounts or shares) solely in their name.
For more detail, see our probate page.