So...what is an estate plan?

In this blog, we will answer the following questions:

Will Wizard's estate planning portfolio

What is an estate plan?

Why is an estate plan important? What documents does a Will Wizard estate plan include?

Does Will Wizard provide estate planning documents for each State and Territory? What does a Will Wizard estate plan cost? How are the documents delivered? Why choose Will Wizard?

What is an estate plan?

Your estate plan is a series of legal documents. These documents:

• Explain your wishes regarding who will receive your estate when you die. Your estate comprises the assets and possessions you own at your death, and the people and/or organisations that receive your estate are your beneficiaries. Your Will handles this.

  
  

• Appoint the person or people you want to facilitate the distribution of your estate to your beneficiaries. These persons are known as your executors. Your Will handles this.

  
  

• Appoint the person or people you would prefer to care for any children you may have at your death. These persons are known as guardians. Your Will handles this.
  

• Appoint the person or people you want managing the inheritance of a young beneficiary or an adult beneficiary who you believe may be unable to manage their financial affairs themselves due to illness, a disability, an addiction, or perhaps just naivety. These persons are known as trustees. Your Will handles this.

  
  

• Appoint the person or people you want to make financial decisions on your behalf during your lifetime if you lose the capacity to do so yourself, perhaps due to age or an illness. This document and role are known as your Enduring Power of Attorney.

  
  

• Appoint the person or people you want to make medical decisions on your behalf during your lifetime if you lose the capacity to do so yourself, perhaps due to age or an illness. This document and role are known as your Appointment of Enduring Guardian or Medical Decision Maker, depending on your State or Territory.

  
  

• Make it clear exactly what your wishes are for your end-of-life care and treatment. This document is known as your Advance Care Directive.

Why is an estate plan important?

This answer could be as long as a Tolkien series.

In short, a modern estate planning Will not only ensures your wishes for who you want to receive your estate are known, it also gives these beneficiaries an enormous leg up in terms of minimising the ongoing tax burden of the inheritance while also protecting the inheritance from common third-party threats that result from a beneficiary’s failed relationships, business failures, bankruptcy and more. How does it do all of this?

Modern estate planning Wills give executors and beneficiaries a series of sensible legal and trust options that, depending on the beneficiary’s luck and life circumstances, may mean the difference between keeping or losing their inheritance.

While the Enduring Power of Attorney, Appointment of Enduring Guardian, Advance Care Directive and other similar documents make sure that the people you love and trust the most have the legal authority to make decisions on your behalf when you are medically or legally unable to, and that these loved ones understand your wishes for your ongoing welfare, medical care and end of life.

What documents does a Will Wizard estate plan include?

Included in your Will Wizard portfolio are your comprehensive estate planning Will (providing beneficiaries with the option to use testamentary trusts), Enduring Power of Attorney, Advance Care Directive, Appointment of Enduring Guardian, Medical Decision Maker and a host of useful guides and records to help you, your executor, and your beneficiaries.

Below is a quick rundown of each document we provide.

#1 Comprehensive estate planning Will providing testamentary trusts.

Our Wills are drafted with a specific purpose in mind  - to give both young and adult beneficiaries the best opportunities to protect their inheritances and minimise their tax obligations long-term, regardless of their circumstances or tax status, which are impossible to accurately predict. Each beneficiary is provided with the option to utilise testamentary trusts established by the Will.

Our Wills are made up of four segments for easy navigation:

Segment 1 explains the estate distribution wishes, nominates beneficiaries, appoints executors & guardians (if any), and deals with some initial administrative issues.

Segment 2 details the important powers, legal options, and instructions needed by executors to administer the estate in a timely and efficient manner.

Segment 3 includes the testamentary trust terms and general trust administrative provisions that allow executors to establish testamentary trusts for beneficiaries and details the sensible rules by which trustees and appointors can be appointed and removed.

Segment 4 provides interpretation, definitions, and execution of the Will.

#2 Plain language Will summary

The legal wording used in our estate planning Wills can be confusing for non-lawyers to understand. Our Wills are drafted with wording that purposefully gives executors and beneficiaries the legal options they need to deal with any number of possible future scenarios that may occur. As such, our Wills are extremely comprehensive, usually around 30 – 35 pages long. To help make things clear, we provide a plain-language summary of every single clause in the Will.

#3 Guide for Will Owners

The Guide for Will Owners provides step-by-step signing instructions and an optional action plan for what to do after the Will is signed.

#4 Guide for Executors

The Guide for Executors includes a list of the executor's initial priorities and an action plan for executors to follow.

Also included is important explanatory information and a list of frequently asked questions. The purpose of this document is to give executors the initial help they need to facilitate an efficient distribution of your estate.

#5 Guide for Beneficiaries

The Guide for Beneficiaries helps beneficiaries understand their options and the many personal and financial benefits of using testamentary trusts to manage and protect their inheritance long-term. The purpose of this document is to give beneficiaries the knowledge and guidance they need to make the most of the inheritance.

#6 Powers of Attorney, Enduring Guardianship & Advance Care Directive

Along with the forms, informative guides are included that provide further information regarding how to complete the Enduring Powers of Attorney, Appointments of Enduring Guardians, and Advanced Care Directives in your State or Territory.

These documents are optional to complete.

#7 Major Assets Record

The Major Assets Record provides a convenient place to keep up-to-date details about assets such as any real estate, super, life insurance, shares, etc. The purpose of recording this information in this document is to help executors efficiently manage the distribution of estate assets. This record can be updated over time without the need to update the Will, and it is optional to complete.

#8 Beneficiary Loans Record

The Beneficiary Loans Record provides a convenient place to keep an up-to-date record of any loans made to beneficiaries that you would like executors to account for when distributing your estate. For example, if you loan 100K to Anne but not to Jane, and you want Anne and Jane to receive equal shares of your estate, by recording this loan in your Beneficiary Loans Record, your executors can even out inheritances by providing Jane with 100K more from your estate than Anne. This record can be updated over time without the need to update the Will, and it is optional to complete.

#9 Memorandum of Wishes

The Memorandum of Wishes provides an easy way to leave any additional wishes or instructions for executors. The Will instructs your executors to follow these instructions where practicable, and the Memorandum of Wishes can be updated over time without the need to update the Will. This document is optional to complete.

#10 Family Heirlooms & Chattels Record

The Family Heirlooms & Chattels Record provides a convenient place to record instructions for executors regarding any specific possessions or family heirlooms. This record can be updated over time without the need to update the Will, and it is optional to complete.

#11 Pet Guardian Nomination Record

The Pet Guardian Nomination Record provides a convenient place to record any specific people or shelters that you would prefer to take care of any pets you may own.

You can also nominate an amount of money that you would like your executors to set aside to assist with the care and/or rehoming of your pets.

This record can be updated over time without the need to update the Will, and it is optional to complete.

#12 Social Media Data Record

The Social Media Data Record provides a convenient place to record social media usernames and passwords to assist loved ones in assuming control of your social media.

This record can be updated over time without the need to update your Will, and it is optional to complete.

Does Will Wizard provide estate planning documents for each State and Territory?

Yes. That is all we do. What does a Will Wizard estate plan cost?

For couples, the all-inclusive cost is $999, including GST.

For singles, the all-inclusive cost is $599, including GST.

This includes three years of free changes per person and free document portfolio delivery.

How are the documents delivered?

The documents are delivered in a sturdy zipper portfolio by Australia Post Express Post.

Why choose Will Wizard?

1. We have a five-star review rating with Product Review and Google.
   

2. We provide a money-back guarantee for complete peace of mind.
   

3. We provide three years of free changes.
   

4. We are trusted by financial and legal professionals who use our documents for their clients.

I hope you found this information useful! If you have questions, please submit a ticket or request a call-back. We would love to hear from you.

Tim Purcell

Will Wizard Australia Pty Ltd

https://www.willwizard.com.au/