EOFY: The perfect time to write or update your Will

So, you’ve made it through the first month of winter. Congrats! With June 30 right around the corner, it’s officially the season of… *drumroll*… tax time. [Cue Jaws theme]. Since you’re already getting your financial affairs in order, why not use this time to write or update your Will and mash two potatoes with one fork? Would be rude not to.

So, aside from deep breathing, where to even begin? Let’s start by answering some FAQs:

Why is the end of the financial year the best time to write or update your Will?

Look. This might be the understatement of the year, but the End of the Financial Year can be a super stressful time for many of us. (Emphasis on many). So, while you’re uncrumpling those receipts and updating your half-completed spreadsheet from earlier in the year, this is prime time to reflect all your life changes in your Will. Think of it as a yearly audit to ensure everything is up to scratch. It’s necessary, and not at all evil… [Cue Jaws theme… again].

I don’t have a Will. Where do I begin?

We’ve got some A+ guides on our website that might help you on your Will-writing journey, but if you want the basic building blocks of your online Will, we recommend reading our beginner’s checklist.

Hoping to chat with a pro? Get in touch with our friendly and knowledgeable Willed team today. We’re always here to help.

I already have a Will. What should I be updating?

1. Review your assets and income 

If you’re collecting this information anyway for your tax return, then you may as well update your Willed digital vault using this same information. Again – you’re having your potatoes and eating them, too. Your Willed vault is a handy space to store important documents that will assist your Executor in administering your estate, when the time comes. 

2. Review your beneficiaries and dependents

Many people don’t realise that your dependents include, well, anyone who depends on you financially – like your furry friends, too. Take this time to add any new dependents, so that if the time comes, they are looked after. In terms of your beneficiaries, life happens and circumstances change over time, so it’s a good idea to review this as well.

3. Think about the future

Even if you don’t write anything down, it’s a good idea to think about your future and how you’d like things to change over the course of the oncoming financial year. This might include making changes to your superannuation or your assets, or if retirement is on the cards for you, it’s a good time to reflect this in your Will. Once you’ve come up with a plan and received the necessary advice from the professionals, you can update any relevant sections in your Will, so nothing is left off the table.

Wrap up 

While yes, EOFY can be stressful for those of us with a chaotic filing system *not naming names* – it helps to think of it as a time to get organised and actually alleviate some of that administration anxiety. As adults, we tend to get the bitter end of the adulting stick – often dealing with *all that serious stuff* when we’d rather be out drinking Aperol in the sun or, well, watching TV. But once it’s all done, you’ll be feeling a whole lot more capable and ready for the new financial year.

Hot tip: Buy some new pens and colourful highlighters and invest in a proper calculator – not the one on your phone (!!!). Do this, and you’ll be raring to go (aka, becoming the life admin champion you always knew you were born to be). Nice!

What’s that? You’re ready to create or update your legal Will? We thought you’d never ask! Start today at willed.com.au.

If you run into any issues, the friendly Willed team are always keen to chat through the legalities. Contact us today at willed.com.au.

Disclaimer: The content of this blog is intended to provide a general guide to the subject matter. This blog should not be relied upon as legal, financial, accounting or tax advice.