It is your legacy, your footprint for the future

Have you written your Will yet?

If not, you aren’t alone – 40 per cent of Australians don’t have a Will (Source: JBWere Bequest report). There are plenty of reasons why it might not be top of your to-do list. Maybe the process seems complicated and overwhelming. Or perhaps thinking about a time when you’re gone brings up difficult feelings. Still, putting your affairs in order is important and worth it.

When someone dies without a Will – known as dying ‘intestate’ – it can lead to a complicated emotional, financial and legal situation for those who are left behind. It’s a tough tangle for a bereaved person to sort out when they’re still reeling from the pain of losing a much-loved friend or family member. Making your wishes clear through a Will gives your loved ones a chance to grieve without this added stress.

"Making a Will should absolutely be a priority", emphasises Monash Law alumnus Adjunct Associate Professor Sam Garkawe. With years of experience in the legal profession and academia, he understands firsthand the consequences of not preparing an estate.

Without a Will, families and friends are left not only with administrative burdens but also the uncertainty of what their loved one’s intentions are, it really does help resolve difficult and complex situations."

Sam urges everyone, regardless of age or financial circumstances, "act now and ensure your wishes are clearly outlined."

A small cost for a lasting impact

Of course, you might be concerned that writing a Will is expensive. And yes, having a trained professional prepare your Will for you costs money. But that cost may be very little when set against the value of your estate – particularly if you are a homeowner.

The average median house price is currently over $1 million (Domain, 2025) in several Australian capital cities.  Bear this in mind when you consider how much you have to leave. You might think that you don’t have much at all, so it’s not worth making a Will. As a homeowner, you could well have a significant asset to pass on as part of your legacy.

As a wealthy and ageing nation, Australia is beginning to experience a vast transfer of wealth down the generations. The JBWere Bequest report found that in 2024, the total value of inheritances was $150 billion. Over the next 20 years, it is estimated that this total will hit $5.4 trillion.

Leaving a legacy

This wealth holds the power to shape a better future for society as a whole. It can fuel groundbreaking research, reduce inequality, and spark the innovations needed to tackle the climate crisis.

Gita Gopalan, Director Hampton Kibel Research Pty Ltd says:

Writing a Will is something we all should prioritise, it’s a crucial task that really does ensure peace of mind. I take comfort knowing that when the time comes (far in the future!), my affairs will be handled smoothly. My loved ones and the causes I care about, like Monash, will always carry a piece of me with them, making a lasting impact for generations."

In the right hands, it’s hugely valuable: as the JBWere Bequest Report observes, charitable gifts have a return on investment around six times the average for all fundraising. Yet despite this potential, just 6.5 per cent of Australians leave a gift to charity: in the UK, it’s 13.7 per cent and in the US, 10 per cent.

Leaving gifts to causes you care about – as well as your loved ones – could benefit your family, too. As the Bequest Report observes: “Leaving children the right share of the full family balance sheet can better equip them to achieve purpose in their own lives. Putting in place support for broader societal impact through an inheritance that goes beyond just family can be the common thread that stitches future generations together.”

This common thread can reflect something bigger – your legacy, your purpose, and what you and your family stand for.

Legacy giving makes an incredible difference at universities.”

– Professor Marilyn Pittard, Associate Dean Engagement at Monash University’s Law Faculty.

"A gift could mean supporting research to develop life-saving treatment for everything from heart disease to cancer, or coming up with innovative solutions to the climate crisis. It could create a scholarship that enables the brightest students to have a world-class education or go towards a building that will endure for years to come. It will enable your legacy to continue long after you have gone!"

Don’t wait 

If you don’t set out your wishes in your Will, then nobody will ever know what you wanted your legacy to achieve. A family member you want to help, a charity you feel passionately about supporting, a research area you are keen to boost, a scholarship you want to start – your money will not go to any of these unless you state your preferences in your Will.

So now you know just how important making a Will is – just do it! Think about what you want your legacy to be. Start the conversation with your family. Pick up the phone to your lawyer. Make the Will, put it in a drawer, tell your family where it is – and get on with making the most of every day, safe in the knowledge that your estate will be in good hands.