What is a Will?
A Will is a legal document that allows you to decide:
- Who will step in to your shoes as an executor to manage your affairs and distribute your assets in accordance with the instructions you provide;
- How and to whom your assets pass on your death; and
- Who will assume the role of guardian for your minor children.
By contrast, if you do not have a valid Will at the time of your death, then the intestacy laws of the relevant state or territory of Australia where you are considered to have been domiciled at the time of your death, will apply. This could mean that a spouse whom you are separated from but not yet legally divorced, remote relatives or a relative who you do not like or get along with, could end up controlling your estate and benefitting from your hard-earned assets.
Even if you already have a Will, certain events, such as marriage, separation, divorce, the commencement of a new relationship, the addition of children and/or grandchildren, a need to protect a vulnerable beneficiary, will mean that you need to amend your existing Will or have a new Will prepared.
iWills Fact Finder
We will listen to your needs and then work with you and your advisers to ascertain what type of Will structure is right for you. Most importantly, to achieve this, we will not speak to you in technical legal language, but rather, we will explain terms to you in a manner in which you can understand.
To assist us with this process, we have devised a comprehensive easy-to-use fact finder. Please enquire with us if you would like us to provide you and/or your advisers with an electronic and/or hard copy of our iWills Fact Finder.
Testamentary Trusts are trusts which are similar to a typical discretionary family trust. They are incorporated in your Will and only come into effect on your death.
The benefit of having a testamentary trust:
- Protects vulnerable beneficiaries such as those going through family law issues, those who have a disability and those who are suffering from a type of addiction;
- It can be used as a great tax planning tool for your intended beneficiaries, particularly for those who are on high incomes personally and/or if you have minor children, grandchildren or great-grandchildren.
- Amendments to Wills (i.e. Codicils);
- Wills in respect of assets held in Australia;
- Advising on succession of assets held overseas;
- Standard Wills;
- Complex Wills incorporating testamentary trusts, superannuation proceeds trusts, protective trusts, special disability trusts and/or life interest structures;
- Contractual Will agreements (i.e. mutual Wills).