Getting Will-Ready: The Top 5 Things Every Couple Should Talk About

When it comes to making a Will and planning for the future, we totally get it—thinking about your partner suddenly not being around anymore is not fun to consider, no matter how you slice it. For many of us, it feels easier to ignore the idea.

However, the unimaginable can and does happen, and pretending it doesn’t, will not help your other half—especially if they are suddenly left having to sort everything out while also trying to deal with the loss of your wonderful self.

In relationships, it’s not uncommon to see one person take the lead when managing finances. While this setup may be convenient at the time if anything were to happen and the responsibility suddenly shifted to the other—wouldn’t you want to make sure that your partner had all the support they need to take on the task?

Preparing is caring, people! And creating a Will is one of the best ways to care for those we love after we are gone. Below, we’ve put together the top 5 topics we think every couple should discuss before putting a Will in place.  

1. How your bank accounts are set up

Understanding how your bank accounts are set up is important because it can significantly impact your partner’s access to funds when you’re gone.

For example, any joint accounts—accounts you own with your partner—would remain accessible. However, accounts you own under your sole name—like any personal savings accounts—would be frozen and unavailable to anyone until your estate was fully administered.

Even if you have both been living out of one personal account for a long time, unless that account is officially a joint account shared between the two of you, if you were to pass away, your partner would not be able to access it.

To give you some perspective—with a Will, administering an estate could take anywhere between 6-8 months to sort out. Without a Will, it could take 12 months or more, meaning that your partner could be left in limbo for a very long time, without access to potentially much-needed funds.

2. Ownership of the family home  

Your home is considered an asset, and just like your bank accounts, how you own property can impact what happens to it when you’re gone.

For example, if your home is owned equally between a couple, if one person passes away, full ownership would be transferred to the other partner.

However, if there is only one named owner and they pass away without a Will, the home wouldn’t necessarily go to the partner. The process would instead fall under the Administration Act, which would dictate how the property should be distributed. This scenario has the potential to get complicated fast, particularly if there are other beneficiaries entitled to some of the property, like kids or parents.

It is not unusual for couples to be a little unclear on how their property is owned. If this sounds like you, we recommend doing a title search to be sure.

3. Choosing a guardian for the children

Having a conversation about guardianship is not the same thing as writing it down in your Will. What many people don’t realise is that if there is no named guardian in the Will and if both parents pass away, anyone can come forward to make a case for guardianship. Of course, the case must be compelling and ultimately the decision will be up to the Family Court, but with a Will on hand, a judge is more likely to look favourably on your final wishes.

The likelihood of both you and your partner passing away at the same time is quite low, but not impossible. However, the consequences of playing the odds and doing nothing can impact your children for a lifetime. Heavy stuff we know, but worth thinking about.

Make sure that you have a clear understanding of the role of a guardian and have a conversation with your partner about how you want your children to be raised. Discussing this can help you determine who would be an appropriate guardian to step in if you’re both no longer around.

4. Providing for a blended family

Blended families have become more common over the years and discussing how you would expect your kids to be provided for by one another could help reduce the risks of potential challenges further down the track.

Under the administration act, if you pass away intestate (without a Will) your children would be entitled to some of your estate, however your partner’s children would only be entitled to part of your estate if they were being maintained by you prior to your passing. Maintained doesn’t necessarily mean that they must be under the age of 18 and the meaning of maintained varies depending on the circumstance. For example, they could be entitled to part of your estate if they were living rent-free in your property.

Of course, your position on who gets what and how much may change as children get older. It pays to revisit your Will every so often to ensure it still reflects your wishes.

5. Executorship

Nominating your partner as executor of your Will can seem like a no-brainer; after all, they know you the best. But being an executor isn’t exactly a walk in the park. Executorship comes with a big responsibility; not only are they financially liable for mistakes that may negatively impact any beneficiaries, but it’s also a very complex and time-consuming job.

If you want to learn more about what’s involved in executorship, read our blog post here, on the role of an executor.

Create an online Will together with Footprint

Through Footprint’s online Will writing service, you can easily create a Will that expresses your wishes and holds up in court. With our four easy step approach, you can make a Will online in no time at all and get peace of mind that you and your loved ones are safe, protected, and ready for the future.

Explore our online Wills and if you have any queries, feel free to reach out to our lovely team, who will be more than happy to help.

Any information provided here is purely educational and should not be considered as advice.