What Do I Need to Make a Will?

Creating a will is a crucial step in ensuring your assets, dependants, and personal wishes are handled according to your intentions after you’re gone. While drafting this legal document may seem daunting, the process becomes more manageable if you know what to have prepared in advance. By gathering key information and reflecting on your choices, you can approach writing your will with clarity and confidence.

Key Elements You’ll Need Before You Begin

1. An Understanding of Your Assets and Liabilities:
Start by making a comprehensive list of everything you own and owe. This includes:

• Real estate: family homes, investment properties, holiday residences
• Financial accounts: bank accounts, shares, superannuation funds, term deposits, and other investments
• Personal belongings of value: jewelry, collectibles, art, vehicles, and heirlooms
• Digital assets: online businesses, cryptocurrencies, and intellectual property (such as patents or copyrights)
• Debts: mortgages, credit card balances, personal loans, or business liabilities

A clear picture of your net worth ensures you allocate assets appropriately and makes it easier for your executor to settle debts and distribute wealth.

2. A List of Beneficiaries and Their Details:
Think carefully about who should inherit your assets. Beneficiaries might include:

• Spouse, partner, or children
• Parents, siblings, or extended family members
• Close friends or charities

You’ll need their full names and, ideally, their contact information. For minors, consider who will hold their inheritance until they reach a certain age and what conditions, if any, you’d like to set.

3. The Choice of an Executor (or Executors):
Your executor is the person who ensures your instructions are carried out. They handle tasks like paying debts, managing taxes, and overseeing the distribution of your estate. Before naming an executor:

• Pick someone trustworthy, organized, and willing to handle this responsibility.
• Confirm with them in advance that they’re willing to take on the role.

You may also choose an alternate executor if your first choice can’t or won’t serve.

4. Specific Instructions and Conditions:
To prevent confusion or conflict among beneficiaries:

• Clearly outline who gets what. For example, specify which child receives the family heirloom or how much each beneficiary should inherit.
• If you have unique conditions—like a beneficiary receiving funds only after reaching a certain age or completing an education—decide these in advance.
• Consider if you want to create testamentary trusts to protect certain beneficiaries or to manage how and when they receive their inheritance.

5. Guardianship Arrangements for Minors:
If you have young children, nominate a guardian who will care for them if both parents are unavailable. Discuss this role with the potential guardian beforehand, ensuring they’re prepared to provide the care and guidance you’d hope for.

6. Knowledge of Legal Requirements:
While not strictly an item you “have,” understanding the legal basics is essential:

• Your will must be in writing.
• You must have the mental capacity to understand what you’re doing.
• You must sign the will in the presence of two adult witnesses (who ideally are not beneficiaries).
• In some cases, professional advice from a lawyer or estate planner can ensure your will meets all legal standards.

7. A Plan for Reviewing and Storing Your Will:
Life changes—births, deaths, marriages, divorces, or significant financial events—may warrant revisiting and updating your will. Decide where you’ll store the will so it’s accessible (e.g., a lawyer’s office, a home safe, a safety deposit box) and inform your executor of its location.

Seeking Professional Guidance (If Needed)

If your estate is complex, if you have business interests, or if you’re unsure about taxes and trusts, consider speaking with an estate lawyer. They can guide you through intricate scenarios, ensure your instructions are airtight, and help avoid unintended consequences.

Final Thoughts

Knowing what you need to make a will sets the stage for a smoother, less stressful drafting process. When you gather details about assets, beneficiaries, executors, and conditions beforehand, you’re better positioned to create a valid, effective will that provides peace of mind for you and security for those you love.

With this preparation in hand, you’ll find it easier to turn your personal legacy into a clear, legally enforceable document—one that ensures your wishes live on, well beyond your lifetime.