The true purpose of a Will.
Most Wills are limited to the basics. Like listing your executor, beneficiaries & guardians.
A Will should do more than the basics.
✅ A Will should help the Will owner make decisions that help avoid estate disputes;
✅ A Will should give executors the detailed instructions, legal authority and flexibility to distribute the estate in a timely and tax-effective manner depending on each beneficiary's needs and tax status at the time;
✅ A Will should have a clear and detailed plan instruction executors on how to manage and protect child beneficiaries and their inheritance;
✅ A Will should help beneficiaries minimise the ongoing income and capital gains tax burden on inherited wealth by establishing testamentary trusts;
✅ A Will should help both young and adult beneficiaries to protect their inheritances from an ex-spouse or ex-partner following a divorce or de facto break-up by establishing testamentary trusts;
✅ A Will should also help beneficiaries to protect their inheritances should they face financial problems like a business failure or bankruptcy, or personal problems like addiction, by establishing testamentary trusts;
And this is exactly what Wills from Will Wizard do.
All Wills from Will Wizard answer:
WHO receives an inheritance?
Many Will owners do not understand 'who' has a legal right to their estate. This can lead to certain beneficiaries feeling hard done by if they are not provided for or left out altogether - and often these beneficiaries choose to dispute the Will and make a family provision application.
The legal and court costs of a successful family provision claims are often paid for by 'the estate' (not the disputing parties) - and are usually around 100K per day in Court! So there are never any winners.
During our guided form, we explain who has these rights to your estate, and we help you decide on an estate distribution plan that both suits your wishes, and helps minimise the chances of estate disputes.
WHAT problems should we plan for?
Modern Wills need to plan for modern problems. From marriages or de facto relationships ending, to financial problems or bankruptcy, and mental health or addiction issues. Even if these issues are not currently problems for you or your beneficiaries today, can anyone say for certain they won't be problems in the future? Is there any sensible reason to rely on a Will that doesn't plan for these problems? Even just in case? At Will Wizard, we plan ahead for these types of common issues that any beneficiary could face during their lifetime.
HOW can we protect inheritances long-term?
Estate planning solicitors utilise the appropriate testamentary trust legal provisions in their Will templates so that the beneficiaries of their clients can establish testamentary trusts in order to protect their inheritances and to provide valuable opportunities to minimise tax.
And it's not just testamentary trusts. Comprehensive Wills from estate planning solicitors include a host of sensible legal solutions that help to protect young and vulnerable beneficiaries, help to protect inherited assets from poor decision making and help to maximise inherited family wealth across generations.
All Wills from Will Wizard rely on the legal precedents and templates of highly experienced estate planning solicitors.
At Will Wizard, we do all the hard work for you. We've met with Australia's best estate planning solicitors so you don't have to. Our technology boffins have taken their legal expertise online so that it is now available for every Australian.
Simply complete our simple form where we explain how our Wills work, explain testamentary trusts and explain your options. Then sit back and relax as your comprehensive Wills are delivered to your home or office.
If you want your spouse, your children or even your grandchildren to have the option to receive their inheritance in a testamentary trust, you must purchase and sign a comprehensive Will that includes the correct legal provisions and terms that provide testamentary trusts. If your Will doesn't include these provisions and terms, the benefits and protections are lost to your beneficiaries and can't be obtained after the fact.
Would you like to learn more about Wills, testamentary trusts and your options?
We’d love to hear from you.
Will Wizard Co-Founder
As always, if you have questions about the suitability of any Will for your needs and circumstances, seek independent legal advice.