Did you know that half of all Australians don’t have a valid Will? Writing a Will might not currently be on your radar, but it can be one of the most important and empowering things you do.
Whether you’re planning for your family’s future, protecting your assets or simply making sure your wishes are known, a Will is an important document that helps guide decisions when you’re no longer here to make them.
As someone who has recently created their Will, here are five things I wish I’d known before starting.
1. It doesn’t have to be a difficult process.
Writing my Will was something I put off for years, thinking it was an inconvenient task for future me to deal with. With safe, online Will providers like Gathered Here, the process doesn’t have to be hard. In fact, you can write your Will from the comfort of your own home in three easy steps.
Wills aren’t just for people with large estates or a lot of wealth – they are important for everyone. It is a common misconception that if you don't own a lot of assets, there is no point having a Will, but your Will covers more than just physical assets. Whether you own a car, or a home, have a small amount in your savings, or a life insurance policy, a Will helps ensure your wishes are carried out. A Will is also essential if you want to nominate guardians for your children or even your pets.
Your life will likely be filled with significant milestones—changing jobs, buying a house, starting a family, or getting married. Fortunately, writing a Will isn’t a one-time affair and you don't need to wait until later in life to create one. You can (and should) revise your Will as your life evolves. Getting married? Update your beneficiaries. Having a child? Name guardians. Changing your property or investment portfolio? Adjust your asset distribution accordingly. A Will is a living document that can grow and change with you.
One of the most meaningful ways you can support a cause you care about long into the future is to leave them a gift in your Will. As well as looking after your loved ones, a gift to a charity in your Will, even as little as 1%, can make a lasting impact on the community. At Sydney Children’s Hospitals Foundation, a gift in your Will can help change the future for sick kids.
Creating a Will isn't just about ensuring your personal wishes are honoured —it's also a smart financial decision. Without a Will, the distribution of your assets can become complicated, time-consuming, and costly for your loved ones. This can lead to unnecessary legal fees, probate costs, and even taxes that could have been avoided with proper planning.
As much as you may think creating a Will is a task for future you, taking the time to prepare one is an act of self-care and foresight. It allows you to ensure your wishes are honoured, protect your loved ones, and feel more in control of your future. Making this decision can bring you peace of mind knowing you’ve taken steps to secure what matters most to you.
If you'd like to learn more, download our handy pack which will guide you on how to make a Will or contact our friendly Planned Giving team on 1800 770 122 or email plannedgiving@schf.org.au for more information.