Top 5 Tips for Australian Will Planning

  1. Decide who to appoint as your executor – usually husbands and wives appoint each other. Otherwise, appoint a trusted family member or your lawyer/accountant. Your executor is responsible to carry out the distribution of your assets as directed in your will.
  2. Decide who to give your assets to and in what shares or percentages. Usually, husbands and wives leave the whole of their assets to each other but if both die in a disaster, then their assets can be left to their children in equal shares.
  3. If you have children under 18 years of age, who do you want to be their guardian if both parents die in a disaster?
  4. Your superannuation benefits do not form part of your estate and are not covered by your will.
  5. Assets such as the family home owned as joint tenants or joint bank accounts do not form part of your estate which you can leave in your will. The surviving joint tenant automatically becomes the owner on your death.
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