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Writing your Will can feel overwhelming, even when you employ the hand-holding of a solicitor. However, in reality, you need to make only a limited number of key decisions.
Decision 1: Who are your beneficiaries?
If you are one-half of a married or de facto couple, who are your beneficiaries if you die first and if you die last?
Decision 2: How is your estate to be distributed?
Most people leave their estate in percentage shares, but your distribution options are nearly limitless. You can leave percentages, cash gifts, specific assets, or any combination of these options. If you leave cash or asset gifts, your Will also needs to state who receives your remaining estate (in percentages).
Decision 3: What age can beneficiaries control their inheritance?
Most people choose an age around 25 because they think 18 years old is too young to control a large sum of money. Young beneficiaries still have access to their funds for normal life needs and expenses, but can't blow their inheritance on immature purchases. Before a beneficiary attains the controlling age, your executors act as interim trustees (or you can appoint other persons to act in this role).
Decision 4: Who will act as trustee?
The standard model states that if an adult beneficiary chooses to use a testamentary trust and is of sound mind, they can act as the trustee (i.e. controller) of their trust (because most adults want to control their own money). Does the standard model suit you?
Decision 5: Do you have any vulnerable beneficiaries?
Someone who is disabled, has mental health issues, or is otherwise unable to manage their affairs? Who do you want acting as trustee for them? Your executors? Someone else?
Decision 6: Who is to act as guardian of young children?
You can appoint anyone you like. Most people look to appoint family members or close friends. It is very helpful for the Family Court to understand parents' preferences.
Decision 7: Who are your executors?
Most married or de facto couples choose each other as their first choice, with children, family members, or friends as their second choice. You can appoint anyone you like and no experience is needed by an appointee.
A more complete list of information and decisions required by Will owners to complete the Will Wizard online form is provided below.
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Will owner's details
- Full name
- Residential address
- Occupation
- Date of birth
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Each primary beneficiary's details
- Full name
- Relationship to Will owner (i.e. brother-in-law, daughter, grandchild, etc)
- Date of birth
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Each Will owner's estate distribution wishes
For couples, on the death of the first of them, who is to receive the deceased spouse's estate? On the death of the last of them, who are the beneficiaries? Equal shares? Unequal shares? Something else?
For singles, who are the beneficiaries? Equal shares? Unequal shares? Something else?
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Additional Financial gifts (optional)
Does the Will owner wish to make additional financial gifts to any other specific person and/or organisation?
For each beneficiary (person) we need:
- Full name
- Relationship to Will owner (i.e. brother-in-law, daughter, grandchild etc)
- Date of birth
For each beneficiary (organisation) we need:
- Name of organisation
- Organisation address
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The Will owner's back-up estate distribution plan (optional)
Often referred to as a 'disaster plan', we need to know what beneficiaries are to receive the Will owner's estate in the unlikely scenario that none of their first-choice beneficiaries (or the direct descendants of their first-choice beneficiaries) survive the Will owner leaving no-one to inherit the estate.
The most common choice is for the estate to be split equally between any surviving parents and siblings (or their direct descendants) the Will owner may have at their death.
However, Will owners can nominate any person(s) and/or organisation(s) they like.
For each beneficiary (person) we need:
- Full name
- Relationship to Will owner (i.e. brother-in-law, daughter, grandchild, etc)
- Date of birth
For each beneficiary (organisation) we need:
- Name of organisation
- Organisation address
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Controlling age
At what age do you want adult beneficiaries of sound minds to have full access and control over their inheritance?
Beneficiaries under your controlling age still have access to funds via the executor for their important welfare, education, housing, travel, recreation, and medical needs.
The most common age chosen is 25, however, Will owners can choose any age between 18 and 40.
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Trustees
The standard model states that if an adult beneficiary chooses to use a testamentary trust and is of sound mind, they can act as the trustee (i.e. controller) of their trust because most adults want to control their own money. Your executors act as trustees for beneficiaries who are yet to attain your controlling age. Does the standard model suit you?
For each trustee, we need:
- Full name
- Relationship to Will owner (i.e. brother-in-law, daughter, grandchild, etc)
- Date of birth
- First-choice? Second-choice? etc
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Executor(s)
Who do the Will owners want to appoint as executor(s)?
Most couples appoint each other in the first instance and their children as their second-choice executors. Will owners can appoint anyone they like. Will owners can appoint one or multiple executors to share the role. Will owners may appoint first-choice, second-choice, third-choice executors, etc.
For each executor, we need:
- Full name
- Relationship to Will owner (i.e. brother-in-law, daughter, grandchild, etc)
- Date of birth
- First-choice? Second-choice? etc
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Guardians(s) (optional)
Will owners who have children under 18 years of age may wish to include in their Will their preferences for who they would like to act as the child's guardian.
For each guardian, we need:
- Full name
- Relationship to Will owner (i.e. brother-in-law, daughter, grandchild, etc)
- Date of birth
- First-choice? Second-choice? etc
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Mortal remains (optional)
Does the Will owner wish to be buried or cremated? Does the Will owner have any other specific wishes regarding their remains?
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Organ donation (optional)
Does the Will owner wish for their organs to be available for organ donation?
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Professional advisors (optional)
Does the Will owner have professional advisors (i.e. accountants, financial planners, etc) that they would like their executor(s) and beneficiaries to consult with before deciding on the best way to manage and invest their inheritance?
For each advisor, we need:
- Name
- Business name (if one)
- Business address
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Additional instructions (optional)
Does the Will owner have any additional instructions/questions?
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