The Difference Between a Will and a Legacy Vault — and Why Australians Need Both
Most Australians who have thought about their affairs have a Will. They feel — reasonably — that this means they are organised.
A Will is essential. But it is not enough on its own. And understanding why is the key to genuinely protecting your family.
What a Will Actually Does
A Will is a legal document that records your wishes for what happens to your estate after you die. It names your executor — the person responsible for administering your estate — and sets out how your assets should be distributed.
A valid Will, properly prepared and witnessed, is the foundation of any estate plan. Without one, your estate is distributed according to Australian intestacy laws, which may bear little resemblance to what you actually wanted.
So a Will matters enormously. But it has significant limitations that most people do not fully appreciate until they are dealing with an estate.
What a Will Cannot Do
A Will does not tell your family where to find your documents. It does not list your bank accounts or superannuation funds. It does not contain your insurance policy details, your digital passwords, your medical wishes, or your funeral preferences. It does not tell your executor which solicitor to call, or where the title deeds to your property are kept.
A Will records what you want to happen. It does not tell your family what exists or where to find any of it.
This is the gap that causes enormous practical difficulty for Australian families every year. An executor may know they are named in a Will — but not be able to find the Will. They may know the deceased had superannuation — but not know which fund. They may have a general sense of what bank accounts existed — but not the specific details needed to notify institutions and begin the estate administration process.
The Additional Complication: Incapacity
A Will only takes effect after death. But families often face a different challenge first — a parent or partner who is still alive but has lost capacity due to illness, dementia, or injury.
In these situations, a Will is completely irrelevant. What matters is whether an Enduring Power of Attorney is in place — and whether the family knows who holds it, where the document is, and what authority it grants.
If no Power of Attorney exists and a person loses capacity, families may need to apply to the relevant state tribunal for a guardianship or administration order — a process that is time-consuming, emotionally draining, and entirely avoidable with proper preparation.
What a Legacy Vault Does
A Legacy Vault does not replace a Will. It works alongside it.
Where a Will records your wishes, a Legacy Vault documents the practical information your family will need to act on those wishes — and to support you if your circumstances change while you are still alive.
A well-maintained Legacy Vault contains:
- Personal identification details
- The location of your Will and the name of your executor
- Details of all financial accounts — banking, superannuation, investments
- Insurance policies and how to make a claim
- Property and asset information
- Your Enduring Power of Attorney and who holds it
- Medical wishes and Advance Care Directives
- Funeral preferences
- Key contacts — solicitor, accountant, financial adviser, doctor
- Personal messages for the people you love
With this information documented and accessible, your family has a clear starting point regardless of what happens — death, illness, incapacity, or simply a moment where you cannot communicate.
The Analogy That Makes It Clear
Think of it this way. Your Will is the map that shows your family where everything should end up. Your Legacy Vault is the guide that shows them where everything actually is — and how to get there.
You need both.
Keeping Both Current
One important note: both documents need to be kept current. A Will that has not been updated since your children were young — before you acquired significant assets, before family circumstances changed — may not reflect your wishes accurately.
Similarly, a Legacy Vault is only as useful as its most recent update. Account details change. Policies lapse. Superannuation funds merge. The value of a Vault comes from keeping it current, which is why BIG is designed to make updates as simple as possible — any section, any time, from any device.
Getting Started
If you have a Will but have not documented the practical information your family will need alongside it, the BIG Legacy Vault is the natural next step.
It takes time to build — but you do not need to complete it in one sitting. Start with the sections most relevant to your situation and build from there. The important thing is to begin.
