One of the most important things you can do for your loved one is to prepare a Will.

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One of the most important things you can do for your loved one is to prepare a Will.

While the “DIY Will Kit” or the Public Trustee Will may seem like an affordable option, the saying is “you pay for what you get”. Your family are worth more than that.

Having a Will professionally prepared gives you the certainty of who administers your estate and who receives what. Dying “intestate” (without a Will) or with an out of date or poorly prepared Will means that you may leave being stress, worry and expense to your family.

If you die without a Will, control of your estate and who receives your assets is determined by legislation and there are additional costs involved in applying for Letters of Administration and administering your estate.

If all you want is a traditional (or “Standard”), no frills Will – we can assist you.

While a traditional (or “Standard”) Will may meet your needs, there are potentially significant benefits that can be obtained in having a “Non-Standard Will” that addresses specific issues or a “Testamentary Trust Will”.

A Testamentary Trust Will can help your beneficiaries to minimise tax and protect their inheritance:

  • Reduce Tax – A Testamentary Trust Will allows the beneficiary to distribute the income and realised capital gains to a range of people to obtain the best tax outcome. In addition, any income received by minors are taxed at normal marginal rates rather than the top rate.
  • Asset Protection – A Testamentary Trust Will can limit the assets available to be used to pay creditors in the event of a bankruptcy of a beneficiary, can limit the access of creditors where litigation is threatened or currently before the courts, and can assist in keeping inheritance separate from matrimonial property in a Family Law dispute.

Testamentary trusts are an excellent estate planning tool that should be considered irrespective of your financial position.

We can assist you with a Will that is tailored to your circumstances from a Simple Will to more complex wills for blended families, for families where a protective trust is required, through to Testamentary Trust Wills.

Contact us

Call us on 08 8523 8400 on a no obligation basis to discuss simple and testamentary trust wills and your estate plan or email us at legal@rudalls.com.au.

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Testamentary Trust Wills

Questions to Consider

What is a Standard Will?

A Standard Will is one that is prepared following an initial appointment of up to 1 hour and which provides for a standard estate distribution which is defined as follows:

  1. Appoint an individual (for example spouse or partner) as executor with substituted executors including (where relevant) provision addressing that the Will is made in contemplation of marriage.
  2. Gift residuary estate to an individual (for example spouse or partner) substituting children in equal shares and grandchild provision provided that if no beneficiaries, then divide residuary estate among selected family members.

What is a Non-Standard Will?

A Non-Standard Will is one that provides for Standard Will provisions plus one or more of the following factors:

  1. An initial consultation longer than 1 hour or instructions provided over a number of consultations before finalising instructions.
  2. Where instructions or issues raised for discussion and advice provided by us contemplate any matters beyond the provisions of a Standard Will (regardless of whether a Standard Will is ultimately executed by you despite consideration of more complex issues prior thereto).
  3. Non-standard distributions.
  4. Clauses drafted to address specific circumstances for example blended families, control of trust structures, ownership of company structures, ownership of a SMSF, dealing with interfamily loans, and life estates.