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Your Will Decisions & Nominations FAQ
What decisions do couples need to make?
What decisions do singles need to make?
Do I make the same decisions as my spouse?
Can I complete the form without my spouse?
Who should I nominate as my executor?
What decisions do couples need to make?
Will Wizard's® online form is fun and simple, and it will guide you to make the best decisions for you and your loved ones.
You will need the name and date of birth of the people you nominate.
Beneficiaries
When either you or spouse or partner dies, everything will go to the surviving spouse or partner. When the surviving spouse or partner dies, everything will to your children. If you do not have children, everything will go to the person or people you have nominated as your primary beneficiaries.
For couples with children, you will be asked if you wish to leave your estate to your children in equal or unequal shares. We always recommend equal shares to minimise the chances of a legal dispute between children.
For couples without children, you will also be asked if you wish to leave your estate to your nominated primary beneficiaries in equal or unequal shares.
Controlling Age
You will be asked to nominate a mature controlling age that you wish beneficiaries to obtain before they can take full control over their inheritance. This is an important protection that allows young beneficiaries to have access to their inheritance for education, housing and welfare purposes while limiting the risk of young beneficiaries making poor decisions with their money.
You can choose any age between 18 and 35 years of age.
Executor
You will be asked to nominate your first choice and second choice executor. For couples we recommend choosing each other to be your respective first choice executors; however, you are free to appoint someone else. For couples with children, we then recommend choosing your children to share the responsibility as second choice executor in case your first choice refuses or is unable to act as executor. Once again you are free to nominate someone else to be your second choice executor.
Guardian of Young Children
You will then be given the option to nominate a first and second choice guardian of any children who are under the age of 18 at the time of your death.
This decision is optional only and can be skipped. You can always leave a signed note with your portfolio at a later date so that your executor understands your wishes, and you have 90 days to make changes to any of your decisions.
Back-Up Estate Distribution Plan
Next, you will be asked to either accept or reject our standard back-up estate distribution plan.
Having such a back-up plan is necessary just in case the worst-case scenario happens and none of your beneficiaries or any of their direct descendants are alive at the time of your death.
The standard plan is for your estate to split between any parents and siblings of you and your spouse or partner. However, you are free to nominate other people or charities as your back up estate plan beneficiaries.
Small Financial Gifts
You will then be given the opportunity to nominate people or organisations/charities that you wish to leave small financial gifts to of between $1000 and $15,000. This is optional only and can be skipped.
Mortal Remains
Next, you will be asked to nominate whether you wish to be buried or cremated. This decision is optional only and can be skipped. You can always leave a signed note with your portfolio at a later date so that your executor understands your wishes, and you have 90 days to make changes to any of your decisions.
You and your spouse or partner do not have to choose the same option.
Organ Donation
You will then be asked if you wish to allow your organs to be donated after your death. This decision is optional only and can be skipped.
You and your spouse or partner do not have to choose the same option.
Financial Advisors
Finally, you will be asked whether or not you wish to nominate specific professional advisers or accountants that you wish you executor and beneficiaries to consult with. A general clause encouraging executors and beneficiaries to seek professional advice will be included in your Wills if you do not choose to nominate specific professional advisers.
What decisions will singles need to make?
The Will Wizard® online form is fun and simple, and it will guide you to make the best decisions for you and your loved ones.
You will need the name and date of birth of the people you nominate.
Beneficiaries
When you pass away, everything will go to your children. If you do not have children, everything will go the person or people you have nominated as your primary beneficiaries.
For singles with children, you will be asked if you wish to leave your estate to your children in equal or unequal shares. We always recommend equal shares to minimise the chances of a legal dispute between children.
For singles without children, you will also be asked if you wish to leave your estate to your nominated primary beneficiaries in equal or unequal shares.
Controlling Age
You will be asked to nominate a mature controlling age that you wish beneficiaries to obtain before they can take full control over their inheritance. This is an important protection that allows young beneficiaries to have access to their inheritance for education, housing and welfare purposes while limiting the risk of young beneficiaries making poor decisions with their money.
You can choose any age over 18 years of age.
Executor
You will be asked to nominate your first choice and second choice executor. For singles with children, we recommend choosing your children to share the responsibility as first choice executor.
However, you are free to nominate anyone you prefer to be your first and second choice executor.
Guardian of Young Children
You will then be given the option to nominate a first and second choice guardian of any children who are under the age of 18 at the time of your death.
This decision is optional only and can be skipped.
You can always leave a signed note with your portfolio at a later date so that your executor understands your wishes, and you have three years to make changes to any of your decisions.
Back-Up Estate Distribution Plan
Next, you will be asked to either accept or reject our standard back-up estate distribution plan. Having such a back-up plan is necessary just in case the worst-case scenario happens and none of your beneficiaries or any of their direct descendants are alive at the time of your death. The standard plan is for your estate to split between any parents and siblings you have. However, you are free to nominate other people as your back up estate plan beneficiaries.
Small Financial Gifts
You will then be given the opportunity to nominate people or organisations/charities that you wish to leave small financial gifts to of between $1000 and $15,000. This is optional only and can be skipped.
Mortal Remains
Next, you will be asked to nominate whether you wish to be buried or cremated. This decision is optional only and can be skipped. You can always leave a signed note with your portfolio at a later date so that your executor understands your wishes, and you have 90 days to make changes to any of your decisions.
Organ Donation
You will then be asked if you wish to allow your organs to be donated following your death. This decision is optional only and can be skipped.
Financial Advisors
Finally, you will be asked whether or not you wish to nominate specific professional advisers or accountants that you wish you executor and beneficiaries to consult with. A general clause encouraging executors and beneficiaries to seek professional advice will be included in your Will if you do not choose to nominate specific professional advisers.
Do I need to make the same decisions as my spouse or partner?
Yes, most decisions need to be the same, with the exceptions being burial and organ donation preferences where couples can nominate different preferences.
Will Wizard provides couples with Wills that mirror each other to have the same nominations. This means that couples have the same Wills with the same wishes.
This ensures that it doesn’t become a case of 'who dies first' deciding whose wishes are met.
Can I complete the form without my spouse?
Yes, you can complete it alone!
Will Wizard gives couples mirrored Wills so that their nominations and preferences are the same, with the exceptions being burial and organ donation preferences. This ensures that it doesn’t become a case of 'who dies first' deciding whose wishes are met.
Since your Wills will be largely the same, you only need one half of a couple to complete the online form.
With free changes, there is no extra cost if you need to make changes once you receive your Wills.
What does the executor do?
Your executor is the person you appoint in your Will to manage your estate, distribute your estate and carry out your wishes after your death.
Whom should I nominate as my executor?
You should nominate someone you know and who is, preferably, familiar with your affairs.
The Will Wizard® online form will help guide you to make the right decisions, and you will be asked to nominate a first choice and a second choice executor so that when the time comes the person taking care of your wishes is someone you have chosen.
Whom should I nominate as my beneficiaries?
For couples, you will automatically nominate each other as your primary beneficiary.
For singles, you will be asked to nominate a person or people to be your primary beneficiaries. These people can be anyone you like such as family members, friends, colleagues etc.
For couples who have children, on the death of the last of you and your spouse or partner, your estate will go to your children.
For singles who have children, on your death, your estate will go to your children.
What is a ‘Controlling Age’?
When completing the form you will be asked to select a more mature ‘controlling age’.
This represents the age that a beneficiary must obtain in order for them to gain full autonomous control over their inheritance, rather than the tender age of 18.
This is an important protection that allows young beneficiaries to have access to their inheritance for education, housing and welfare purposes while limiting the risk of young beneficiaries making bad decisions with their inherited wealth.
You can choose any age over 18 years of age.
Do my beneficiaries have to inherit equally?
No, you can decide to leave your estate to beneficiaries in unequal shares.
However, for customers with children or other dependents, it is sensible to leave your estate to your children in equal shares.
Leaving your estate to your children in unequal shares can lead to damaging legal disputes that may cost your estate hundreds of thousands of dollars.
Do I need to nominate all of my children?
We strongly recommend that you nominate all of your children from both current and past relationships.
This substantially reduces the chances of a dispute over your estate. Children have certain legal rights to your estate and are likely to feel hard done by if they are not included in your Will.
Your estate, not the disputing parties, covers the cost of a dispute in Court. Disputes can cost your estate hundreds of thousands of dollars.
Do I need to nominate my children from a previous relationship?
The decision as to whom you nominate is yours. However, you must consider carefully whether to exclude any of your children from current or past relationships.
Children have certain rights to your estate and can apply to the Court if they feel they have been unfairly treated or left out altogether.
The costs of a disputed Will are the burden of your estate, not the parties with a grievance. It is for this reason that we recommend that you adequately provide for all of your children from both current and past relationships in your Will in order to lessen the likelihood of a child taking legal action.
The legal and court costs of a disputed Will can cost an estate hundreds of thousands of dollars, not to mention the personal trauma of such a dispute.
Do I have to nominate a guardian of young children?
No, you don’t have to nominate a guardian. Nominating a guardian is optional.
If you have children less than 18 years of age, or if you are considering having or adopting children in the future you may nominate an adult whom you would prefer to be responsible for the health and welfare of any of your children who are under 18 years of age at the time of your death.
Your nomination is non-binding and subject to Court Approval. The Court will make a final decision based on your child’s best interests and will take into account your wishes when making their decision.
Do I have to leave small financial gifts to individuals or charities?
No, you don’t have to leave any small financial gifts, this is an option only.
Do I have to decide on burial or cremation?
No, you don’t have to decide on burial or cremation now, this is an option only.
At a later date, you may leave a signed note outlining your wishes with your portfolio. Alternatively, you have 90 days to request free changes to your nominations and preferences.
Do I have to decide on organ donation now?
No, you don’t have to decide on organ donation now, this is an option only.
