The will

I paid $480 for my first proper will. The solicitor was a sole practitioner two suburbs over. I walked out with three documents and a very specific feeling, which was relief.

What a will actually covers

A will only governs assets you own personally in your sole name, or your share of jointly-owned assets.

In your will:

• Your share of property held as tenants in common.
• Bank accounts in your sole name.
• Personal possessions (cars, tools, art, the watch).
• Shares held outside of super or trust.
• Any business interest held personally.

Not in your will:

• Superannuation.
• Life insurance proceeds.
• Property held as joint tenants.
• Assets held in a family trust or company.

This is the single most-misunderstood thing about estate planning. The will is one of three or four pieces, each governing a different lane.

The four ways to get a will done

1. The DIY kit ($30-$80). Newsagents and Australia Post sell will kits. They work for the simplest cases. They fail more often than they succeed for everyone else. Common failure modes: witnessing errors, ambiguous wording, missed assets, no executor backup.

2. The online service ($150-$400). Services like Willed, Safewill and Gathered Here. Good middle option for straightforward situations. Not fine if you've got a blended family, a business, or assets in multiple states.

3. The generalist solicitor ($400-$1,500). A local family-law or estate solicitor will draft a will, an EPOA, and an ACD in one engagement. For most fathers under 50, this is the right tier.

4. The estate specialist ($1,500-$3,000+). For blended families, family businesses, significant trust structures, vulnerable beneficiaries, assets across multiple countries. Don't try to save money here.

The four decisions you actually have to make

1. Who's the executor. The job runs for 6-18 months. Choose someone organised, in good health, who'll outlive you, and who lives in Australia. Most men name their partner, with a backup of an adult sibling.

2. Who the beneficiaries are. The default for a married father with kids is "everything to my partner; if she predeceases me, divided equally between the kids when they turn 21."

3. Who the guardians are if the kids are minors. Most couples name a sibling-and-spouse pair, or close friends with kids of similar ages. Talk to the people first.

4. Whether you want a testamentary trust. A trust created by your will. For estates over $1m or families with kids under 18, often saves more in tax over a decade than the $1,000-$2,000 it adds.

What to bring to the appointment

• A list of assets and approximate values.
• A list of debts.
• Full names, dates of birth and addresses of your partner, kids, executor and guardians.
• A short note on anything unusual.

Pick the right tier. Pick the right people. Don't write it twice.

Further watching

• Making a WILL | Estate planning in Australia
• What is Probate or Letters of Administration in Australia?