Standard and non-standard Wills
A standard Will is one that provides for standard estate distribution, that is;
1. Initial: 100% to spouse/partner if alive
2. If spouse/partner not alive then
- Specific gifts to nominated beneficiaries, then
- 100% of residue shared equally between the children
3. If a child predeceases parents then that child’s share of residue goes to their children (i.e.; grandchildren), if any.
4. If no children or grandchildren then for example to siblings and siblings-in-law equally (or their children if beneficiary predecease will makers).
If there is no surviving spouse/partner then second, third and fourth distributions apply.
- Estate: everything that you own at the date of your death
- Beneficiary: to whom you have left a share of your estate
- Residue: everything left over after payment of your debts and expenses
1. A standard Will PLUS
- Non-standard distributions, and/or
- Clauses drafted to address particular circumstances such as (for example only)
- Blended families,
- Control of trust structures,
- Ownership of company structures,
- Ownership of business interests,
- Ownership of a SMSF,
- Dealing with interfamily loans,
- Life estates
2. Testamentary Trust Wills
A testamentary trust is designed to provide maximum flexibility and allow for tax-effective distribution of capital and income as well as providing possible protection of your beneficiaries from third parties such as creditors. See Testamentary Trust Wills.
Learn how to make a Will.