Before you go: getting your Will right

Discussing Wills with de Groots Wills and Estate Lawyers, Julia Tutt Senior Associate. What happens to everything you own when you die? And who makes sure your wishes are actually carried out?Most of us know we should have a will. But how many of us really understand what a will does — and what it doesn’t do?In this episode of Rest Easy Knowing, Fiona talks to Julia Tutt, Senior Associate at de Groots Wills and Estate Lawyers, about the practical realities of making a will and planning for what happens after we die.Julia explains why a will is so important, what you need to think about before making one, why some of the things you assume you own may not actually form part of your estate, and the mistakes that can cause problems for your loved ones later.And there are some surprises along the way — including the fact that your superannuation, family trust assets and even your beloved pets aren't necessarily treated in the way you might expect.In this episode, we explore:Why having a will matters — and how doing the paperwork now can reduce the administrative burden on your family later.What actually forms part of your estate, including property, bank accounts, shares and personal possessions.What doesn't necessarily form part of your estate, including superannuation and assets held in a family trust.Why DIY and online wills can create problems if they aren't properly prepared, signed and witnessed.What happens if you die without a will and how intestacy rules determine who may inherit.Choosing an executor — why the person you choose needs to be organised, capable and willing to take on the responsibility.Specific gifts versus the residue of your estate, and why leaving particular assets to particular people can sometimes have unintended consequences.What happens if a beneficiary dies before you — and why your will needs to account for this possibility.Digital assets and cryptocurrency, and why your executor needs to know they exist and how to access the relevant information.When you should review your will, including after major changes in your family, relationships or financial circumstances.Testamentary trusts and when they may be worth considering.Leaving a gift to charity and why it's important to identify the intended organisation and purpose clearly.Where your original will should be kept and why safe custody matters.The importance of talking to your family about where important documents and financial information can be found.The practical takeawayJulia's advice is straightforward: see a lawyer.Before your appointment, think about:Who is in your life and who depends on you.Who you want to benefit from your estate.Who you would trust to act as your executor.What you own and how those assets are actually owned.Your debts and financial commitments.Your superannuation.Any family trusts or business interests.Digital assets or cryptocurrency.What should happen if one of your intended beneficiaries dies before you.And once you've made your will, don't simply put it in a drawer and forget about it. Review it when your circumstances change and, as Julia suggests, generally consider reviewing it every three to five years.A conversation worth havingDeath can be an uncomfortable subject, but Julia makes an important point: talking about your will doesn't have to be grim.For adult children, simply knowing that a parent has made a will and knowing where important information can be found can provide considerable peace of mind.You don't necessarily need to know the details of someone's finances. But knowing where to look can make a difficult time considerably easier.Meet Julia TuttJulia Tutt is a Senior Associate at de Groots Wills and Estate Lawyers. She holds Bachelor of Laws and Arts degrees from the University of New England and was admitted as a lawyer in the Supreme Court of New South Wales in 2016. She completed a Master of Applied Law, majoring in Wills and Estates, in 2022.de Groots is a specialist Wills and Estate law firm with offices in Melbourne, Sydney and Brisbane.Find out more about de Groots Wills and Estate Planning: de Groots Wills and Estate PlanningPlease note... This episode provides general information only and is not legal advice. Wills, estates, trusts, superannuation and succession law can be complex,and the law differs between Australian states and territories.If you are making or updating your will, seek advice about your own circumstances from a qualified legal professional.Rest Easy Knowing is a podcast about death, dying and the things we can do now to make the end of life easier for ourselves and the people we love.Because death is inevitable. Being unprepared doesn't have to be.Recorded at the Emerald Hill Heritage Centre on the traditional lands of the Boon Wurrung people of the Kulin Nation. Fiona pays respects to Elders past and present and to any First Nations people listening.Music by Sapiros.