Standard vs Comprehensive Wills
Before we start let’s discuss the real purpose of an Australian Will.
Most Wills are limited to the basics.
Like listing your executor, beneficiaries & guardians.
Wills should do more than the basics.
- A Will should help Will owners and executors avoid estate disputes;
- A Will should help minimise income and capital gains tax on inherited wealth;
- A Will should help protect inheritances during divorce & financial problems;
- A Will should help protect inheritances during a beneficiary's problems like an addiction; - A Will should be flexible with change, so it doesn't have to be continually updated; - A Will should plan for the care of child beneficiaries; - A Will should give executors the guidance & authority they need to operate effectively.
So, the real purpose of any quality Will is to answer:
WHO is to receive an inheritance?
WHAT problems should we plan for?
HOW can we protect & maximise inheritances long-term?
At Will Wizard, we do all the heavy lifting to answer these questions for you. You simply provide your basic details, we guide you to make sensible decisions, and then our team takes care of the rest. A few days later your
Let’s examine the two main types of Wills you have to choose from.
1. Standard Wills
You’ve probably heard that 50% of Australians die without a Will.
What you might not know is that an estimated 95% of Will owners rely on ‘standard’ Wills.
Standard Wills are easy to spot. They are usually between two and six pages in length.
You can buy a standard Will from the Post Office, the internet, and from some lawyers.
Standard Wills can be free, or they can cost up to $500 per person.