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Although a will cannot ordinarily direct how a person will spend their inheritance, a trust allows some level of control beyond the grave, especially in relation to children. For example, it may stipulate that the trust will not mature until children turn 25, and in the meantime the money can only be used for living expenses and for education.

Myles acknowledges that some people may have more complex situations to incorporate into their wills. “We’re fortunate in that we don’t have a complex family situation. It’s just us and our children. There’s really nobody who would possibly challenge the will, so it’s all quite simple.

”Of course, as we get older, we may redo the will and seek professional advice. The only reason we haven’t done that so far is because we haven’t gotten around to it. I think it’s probably good to get legal advice, especially if you don’t know what you’re doing, but if you keep finding you’re not getting around to doing that, then a will kit is better than nothing,” says Myles.

Expert advice

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Peter Whitehead, the NSW Public Trustee, says current figures show 87 per

cent of people over the age of 50 have a will. But only 23 per cent of people aged between 18 and 34 have made a will. “Younger people see it as less of an issue, but the percentage of people who have wills is increasing across the board as people gain more assets and their family responsibilities are defined and redefined,” says Peter. “But there‘ll always be a core of people who think a will is not for them.”

Public trustees exist in all Australian states and territories to act as administrators of deceased estates. When someone dies intestate, or without a will, the trustee has automatic authority to act on their behalf. Where the beneficiaries are clear, the trustee won‘t need to step in. But in more complex matters, the trustee may have to wade in as determinations are made on who gets what. Most public trustees offer assistance with creating a will. Some charge for the service and some charge a commission on the estate when it is discharged.

“People need to see that a will need not be a complex document – it can be quite simple. It can also be quite empowering,” says Peter. “One of the advantages of making a will is not only that you make things easier when you are gone, but you have the ability to manage your estate a bit better in terms of planning the type of trusts the money may go into,” he says. ”We want to encourage people to make a will. Sometimes people don’t want their children or their beneficiaries to be the executors of the will, in which case we can act for them. For some people, being made executor is not a compliment as it can require a lot of work,” he adds.

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