Search
  • Tim Purcell, Founder

What information do we need to complete your testamentary trust Wills and why?


What information do we need from you and why?


With arranging your Will, often the hardest part is starting.


It can be a bit of a shock to realise that modern, comprehensive Wills like ours only need basic details like names, addresses and dates of birth.



Most people think they would need to provide detailed asset and financial details. Or more personal details about their specific wishes.


Modern Wills like ours are designed to minimise the need for your Will to be updated, which is why they come with a range of supporting documents that can be updated by you over time to assist your executor without the need for you to constantly update your Will as these details or wishes change.


As with all modern legal Wills like ours, there is a specific clause in our Wills that direct executors to, wherever practicable, to take account of any signed instructions or wishes left by you with your Will portfolio.


So why don't we automatically ask for your asset or financial details?


One important advantage of relying on a comprehensive Will like ours is that they do not need to updated as your financial or asset circumstances change.


Our Wills include broad definitions of assets and provide executors with the authority they need to seize control of whatever your assets may be at your death.


This is why we don't include specific asset details in your Will unless you have specific wishes for specific assets i.e. I want this property to my daughter Joan.


If you rely on a standard Will you would need to update your Will whenever your asset or financial circumstances change.


All Will Wizard portfolios include a Major Assets Record and a Beneficiary Loans Record that can you can keep updated over time to assist your executor understand the nature of your assets.


This includes loans to certain children/beneficiaries that you want recorded so that your executor can utilise the 'equalisation provisions' in our Wills that give executors the authority to take account of loans made to some children/beneficiaries and not others in order to protect your inheritance distribution preferences (i.e. equal shares or set percentages).


What about your wishes for specific family heirlooms and chattels (i.e. artwork, jewellery, vintage car, furniture etc)?


It is common to want certain small assets of significant personal meaning or financial value to go to certain children or other beneficiaries.


If details of these specific wishes are included in your actual Will, your Will would have to be updated each time these wishes changed or expanded.


All Will Wizard portfolios include a Family Heirloom & Chattels Record so that these more specific wishes can be recorded and updated by you over time to assist you executor understand your wishes for these chattels - without the need for updating your Will.


What about other wishes or rationale that you may want your executor to understand?


As mentioned above, our Will includes a clause instructing you executor to, as far as is practicable, take account of any signed instructions and wishes you leave with your Will

portfolio.


All Will Wizard portfolios include a Memorandum of Wishes document that you may choose to complete should you have specific preferences, wishes or rationale you would like your executor to understand and follow wherever possible.


Examples include any specific funeral preferences you may have, or if you would like your executor to understand certain investment strategies you have employed and why, or any other information about certain beneficiaries you would like your executor to understand.


So what is included in our Wills?


Unlike standard 2-6 page Wills, our comprehensive, modern 30 page Wills are focused on providing all of the necessary legal provisions and testamentary trust terms to:


- give executors the authority needed to distribute your estate as per your wishes; and


- in the most tax effective way possible; and


- with maximum in-built flexibility included to help protect your estate depending upon your beneficiaries changing needs and circumstances.


At Will Wizard we believe that every Will should provide beneficiaries with the option to receive their inheritance in a testamentary trust.

Only Wills that include the required testamentary trust provisions and terms can provide beneficiaries with this option.


Testamentary trusts should be discretionary (i.e. beneficiaries control their trust), individual (i.e. beneficiaries each have their own trust) and optional (i.e. beneficiaries choose whether to use the trust or not).


Will Wizard is the only online Will that provides testamentary trust provisions as standard, including broad trust terms for maximum flexibility in how a beneficiary can manage their trust depending on their changing needs and circumstances. No meetings are required, you simply complete our fun an easy online form that requires no financial details, and we then courier your secure Wills to your door for signature on delivery at no extra charge.


We've taken the hassle out of having comprehensive testamentary trust Wills.


Don’t put it off any longer. Get started now


Try our guided form and tutorial. It's free and simple to try.


Get started with Will Wizard

Or watch our three minute tutorial on Wills & testamentary trusts.


If you have a specific question please submit a ticket or request a call-back :)


We’d love to hear from you.


Tim Purcell


Will Wizard Co-Founder

www.willwizard.com.au



As always, if you have questions about the suitability of any Will for your needs and circumstances, seek independent legal advice.

5 views