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Standard and non-standard Wills

Standard and non-standard Wills

Standard Will

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

Non-standard Will

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.