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Product Details & Suitability FAQ
Product Details
What is included?
Unlike standard Will services, every Will Wizard® customer receives a beautiful zipper portfolio with a host of important and useful documents including:
Testamentary Trust Wills
Will Wizard’s comprehensive Testamentary Trust Wills allow inherited assets to be protected long term from common circumstances like divorce and bankruptcy, and provide valuable opportunities to reduce tax on inherited family wealth via the use of modern testamentary trusts.
Our Wills are purposefully detailed to give executors the guidance and flexibility to best manage and distribute your wealth in the most suitable, tax-effective and protected way possible. The more detailed a Will is, the clearer it is to implement its objectives effectively.
Plain Language Will Summary
All Will Wizard® customers receive a plain-language summary of their Will. We do this so you understand exactly what your Will says and means.
Like all great Wills, our Wills are written in a specialised legal language known as 'legalese', which for non-lawyers this can be extremely difficult to understand. Unlike standard Will services, we want to make sure you understand what your Will says and means.
Guide For Will Owners
Every Will Wizard® customer receives an important document called Guide For Will Owners, providing step by step signing instructions and a simple to follow action plan for what Will Owners must do before and after signing their Wills.
Unlike traditional Will services, Will Wizard® customers are guided every step of the way to ensure they:
- Understand their Wills;
- Sign and execute them correctly;
- Consider their options;
- Action their obligations.
Guide For Executors
Every Will Wizard® customer receives an important document called Guide For Executors so you’re your executors are not left high and dry when it comes time to take care of your estate. The role of executor can be a very stressful and complicated process and guidance is very much needed.
This important document provides a list of priorities and an action plan for executors to follow, along with important additional information and a list of frequently asked questions.
This document (combined with our comprehensive Testamentary Trust Wills and Plain Language Will Summary that give clear powers and directions to executors and ensures executors receive the assistance they need.
Guide For Beneficiaries
Every Will Wizard® customer receives an important document called Guide For Beneficiaries. This document provides information to assist a beneficiary to understand their options and the many personal and financial benefits of inheriting via Will Wizard.
When your loved ones receive their inheritance they will have important options to consider.
We recommend they receive their inheritance in a testamentary trust created by your Will. A testamentary trust can only be created by Will on the death of a Will Owner. They are simple and inexpensive to operate and act as the beneficiaries ‘personal bank’ that they control.
Will Wizard® testamentary trusts provide long term asset protection and tax minimisation advantages that help to maximise family wealth and keep it ‘in the family’.
Guide To Powers of Attorney and Guardian
Every Will Wizard customer receives an important document called Guide To Powers of Attorney and Guardian.
This document provides information to assist a Will Owner to understand the benefits of nominating a Power of Attorney and Guardian, along with frequently asked questions and information on Powers of Attorney and Guardianship specific to your State or Territory.
Assets & Loans Record
Every Will Wizard® customer receives an important document called Assets & Loans Record.
This document provides you with a convenient place to record details about your assets and any loans you have made to beneficiaries. This document helps your executor and can be updated as your asset circumstances change over time.
Social Media Data Record
Every Will Wizard® customer receives an important document called Social Media Data Record.
This document provides a convenient place to record your social media usernames and passwords should you choose to in order to assist your loved ones to assume control of your social media after your passing.
Family Heirloom & Chattels Record
Every Will Wizard® customer receives an important document called Family Heirloom & Chattels Record.
This document is a convenient place to record any specific family heirlooms that you may wish to leave to certain family members or friends. By keeping a record of any heirlooms that you have promised to certain family members, you can assist your executor in minimising the chances of a damaging family dispute which can cost the estate hundreds of thousands of dollars.
Pet Guardian Nomination Record
Every Will Wizard® customer receives an important document called Pet Guardian Nomination Record.
This document is a convenient place to record any specific people or shelters that you would prefer to take care of any pets you may have at the time of your death.
Is your product written and checked by lawyers in Australia?
Yes.
At Will Wizard, we rely on CCH Pinpoint® for our specialist legal information and on our consultant estate planning solicitors who review the legal precedents that our Wills rely on. Our consultant solicitors have over 30 years’ experience in drafting comprehensive Wills for their clients that aim to minimise risk and maximise the benefit for beneficiaries while giving executors clear directions and authorities to carry out their duties.
“Wills from Will Wizard comply with Australian Succession legislation and once correctly signed and dated by the Will owner and two independent witnesses (as per the signing instructions provided by Will Wizard) represent valid Australian Wills.”
Terry Purcell LLB TEPEstate Planning Solicitor Legal Practitioner Director RetireLaw Pty Ltd
Product Suitability
Who is Will Wizard® suitable for?
Will Wizard® is suitable for both singles and couples, with or without children.
If you have an asset of value, like a home, an investment, some super, and you have someone you care about like a spouse, partner or child, then you need a Will providing testamentary trusts that protects family wealth long term, provides your loved ones with valuable opportunities to reduce tax on an inheritance, and that provides guidance documents to assist executors and family members.
Will Wizard® does all of this and more.
Who is Will Wizard® not suitable for?
If you have blended family issues, a child with a disability, or complex business or trust assets then you would benefit from the specialist advice from an experienced estate planning solicitor.
However, if you are simply never going to go and see an estate planning solicitor, or are going to wait a few years until you can afford to see an estate planning solicitor, then rely on Will Wizard®.
Standard 2-5 page Wills and basic online Will kits do not provide any long-term opportunities for your loved ones to protect their inheritances or reduce their tax burden, and do not provide guidance to executors and beneficiaries.
Will Wizard does all of this and more.
Is Will Wizard valid Australia wide?
Yes!
Will Wizard® is valid in all Australian States and Territories.
Is Will Wizard® different to standard Wills?
Yes!
Standard 2 -5 page Wills do not provide any opportunities for beneficiaries to protect their inheritances nor do they provide opportunities to minimise taxes on their inheritances.
Further complicating matters, these outdated Wills do not provide any guidance to Will Owners, executors or beneficiaries.
Will Wizard® offers the important benefits and protections of sophisticated estate planning Wills such as long term asset protection and opportunities to minimise taxes. These benefits and protections are provided through the use of Will Wizard’s beneficiary controlled testamentary trusts and the inclusion of other special legal provisions
What type of Will do I need?
Choosing to rely on a standard 2-5 page Will is like going to an internet provider and asking for a ‘dial-up’ service. It’s an outdated, obsolete and ineffective choice.
If you are going to the trouble of making a Will then you have something of value (such as a home, an investment, cash, super), and you have someone you care about (spouse, partner, children, family or friends).
If you have someone you care about there is no point making a Will that does not provide opportunities for them to maximise and protect their inheritances long term.
Protecting family wealth long-term is the primary purpose of Will Wizard, and should be of every Will made. Unfortunately standard 2-5 page Wills do not maximise or protect inheritances long-term.
Does Will Wizard cater for blended families?
Will Wizard was created to provide comprehensive Wills providing testamentary trusts for singles and couples with relatively non-complex circumstances. Wills for couples from Will Wizard mirror each other - with the same preferences and beneficiaries nominated.
A blended family is a complex estate planning issue. People with blended families usually need professional legal advice and thoughtful consideration about how best to minimise the risk of disputes between children and other financial dependants.
Examples of issues that need consideration:
1. In the future will all children feel that they have been adequately provided for? Or is there a chance that some children will feel hard done by?
2. De facto partners have rights to each other’s estate - in the future will a de facto partner feel hard done by if they are not included as a beneficiary of your Will?
If the circumstances and wishes of both Will owners are the same, and you wish for all children to receive equal shares of your combined estate, Wills from Will Wizard may be suitable.
However, suitability depends on your individual circumstances and wishes, and independent advice from an experienced estate planning solicitor may be needed.
Will Wizard was created to provide comprehensive Wills providing testamentary trusts for singles and couples with relatively non-complex circumstances.
