Choosing the Right Type of Will

Disclaimer: This guide is for educational purposes only. It is not intended as a do-it-yourself guide. The use of a professional legal or financial service is highly recommended.

Overview

A will is a legal document that says what happens to your assets when you die. But there's more than one type — and choosing the right one can save your family time, money, and stress.

This guide breaks down the main types of wills, who they’re suited for, and what to watch out for.

Who this is for

• Anyone making a will for the first time
• People reviewing an existing will
• Anyone unsure whether their current will still fits their circumstances

Before you start

Before choosing a type of will, you should have a rough idea of your situation.

Types of wills

1. Simple will

A straightforward will that leaves everything to one or more people — usually a spouse, then children.

Best for:

• Single people with simple assets
• Couples with shared goals and no blended families
• Smaller estates with no business interests

Watch out for:

• May not protect assets if your beneficiary divorces, goes bankrupt, or has a disability
• Doesn’t account for assets like superannuation (which usually needs a separate nomination)

2. Testamentary trust will

A will that creates one or more trusts after you die. Assets are held in trust rather than given outright.

Best for:

• Parents with young children
• Blended families
• Beneficiaries who may be vulnerable — due to age, disability, addiction, or financial instability
• People wanting to protect assets from a beneficiary’s divorce or creditors

Watch out for:

• More expensive to set up
• Ongoing administration required after death
• Needs a trustee to manage the trust

3. Mutual wills

Two separate wills (usually by spouses) made on the understanding that neither will be changed without the other’s consent.

Best for:

• Couples who want certainty that their wishes won’t be overridden after one dies
• Blended families where each partner wants to protect their own children

Watch out for:

• Can create legal complications if one party wants to change their will later
• Rarely recommended by modern estate lawyers — binding death benefit nominations or testamentary trusts often work better

4. Mirror wills

Two wills that are almost identical — each partner leaves everything to the other, then to the same beneficiaries.

Best for:

• Couples with shared assets and shared wishes
• Simple family structures

Watch out for:

• Not legally binding — either party can change their will at any time
• After one partner dies, the survivor is free to rewrite their will entirely

💡 Note: Mirror wills are common, but they don’t guarantee your wishes will be followed after you’re gone.

5. Statutory will

A will made by a court on behalf of someone who lacks capacity to make their own.

Best for:

• People with dementia, brain injury, or intellectual disability who never made a will — or whose existing will no longer reflects their circumstances

Watch out for:

• Requires a court application
• Can be expensive and time-consuming
• Only granted if the court is satisfied the proposed will reflects what the person would have wanted

Common mistakes

Even with the best intentions, people make avoidable mistakes when choosing and creating their wills. Here are the most common errors to watch out for.

Other common pitfalls:

1. Choosing a simple will when your situation isn’t simple

   • Blended families, young children, and vulnerable beneficiaries usually need more than a basic will

2. Assuming mirror wills are binding

   • They’re not. The surviving spouse can change everything.

3. Forgetting about assets outside the will

   • Superannuation, joint property, and life insurance often pass outside your will unless you take specific steps

4. Not reviewing your will after life changes

   • Marriage, divorce, children, and property purchases can all affect whether your will still works

When to get help

You can probably manage on your own if:

• Your situation is simple — one relationship, no children, modest assets
• You understand what you’re doing and the risks

You should see a professional if:

• You have children under 18
• You’re in a blended family
• You have a business or complex assets
• You have overseas assets or beneficiaries
• You’re concerned about someone challenging your will
• You want tax planning or asset protection
• You have a family member with a disability or special needs
• You’re unsure which type of will you need

Remember: The cost of getting it wrong later is almost always higher than the cost of getting it right now.

Next steps

Ready to move forward? Follow these steps to ensure you choose and create the right will for your circumstances.

Learn More

Related Guides

• Making Your First Will
• When to Update Your Will

Common Questions

• What is a will?
• Why do I need a will?
• What should my will include?

Dictionary

• Will
• Testamentary trust
• Mirror will
• Mutual will