Your will is a legal document that determines how you want all your property (or your ‘estate’) to be dealt with after you die. It is not uncommon for people to put off making a will because, let’s face it, thinking about death and dying lacks appeal.
A prenuptial agreement or ‘prenup’ is also known as a ‘binding financial agreement’ in Australia. It is a binding contract signed prior to marriage which sets out how the assets owned by each party are to be distributed upon separation. There is a preconceived notion that only the wealthy need to enter (or even consider) a prenuptial agreement. However, prenups can future-proof any or all of your assets if your marriage or relationship breaks down.