Additional Children & Assets
All of our Wills include inbuilt flexibility so that Will owners do not have to update their Will as their assets change over time. For instance when they buy and/or sell real property.
This inbuilt flexibility also extends to when a Will owner has or adopts more children after signing their Wills and have chosen for their existing children to inherit equally. When a Will owner does have or adopt more children over time they do not have to update their Will.
If you do choose for your children to inherit unequal shares of your estate you will need to update your Will if you have more children.
Our advice is to always have your children inherit equally to minimise the chances of a dispute.
Disputes between family members can cost the estate, not the disputing parties, hundreds of thousands of dollars, not to mention to personal toll of such disputes
Back-Up Executors & Guardians
For extra peace of mind, Will Wizard® provides back up nominations for the roles of executor and guardian of young children just in case first choice nominations are unable or unwilling to fulfill the role.
This is a sensible precaution and one that most standard Wills do not offer.
Expansive Trust Terms
It is difficult to predict just what type of trust might best suit a primary beneficiary. This is why we provide options for beneficiaries to use Right of Occupation trusts, Parallel or Multiple Testamentary Trusts or more Restricted Testamentary Trusts, all of which may be more suitable depending on the beneficiary’s particular needs.
Will Wizard's trust terms also provide crisis provisions, directions for who is to receive a trust when the initial primary beneficiary dies, and provides details about how to manage and operate a testamentary trust long term as circumstances change.
Inter generational Transfer Of Wealth
Will Wizard® anticipates testamentary trusts passing from one generation to another ensuring the advantages of a testamentary trust (asset protection, tax advantages, dispute avoidance etc) are not lost as wealth is transferred from one generation to the next.
A testamentary trust can pass down through the family for 80 years benefiting multiple generations.
Back-Up Estate Distribution Plan
At Will Wizard® we always plan for the worst, and we don’t want your estate to end up in the hands of the State.
This is why all of our Wills include a back-up estate distribution plan in case all of your nominated beneficiaries and their direct descendants die before you.
Please note: If you have certain complexities such as family members with a disability, complex business interests or are part of a blended family we suggest you seek the advice of a experienced estate planning solicitor. If you are unsure about any of the information provided here please seek professional advice or contact us.