Protected: Making your will

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If you intend to make your spouse or partner your sole beneficiary and sole executor and trustee if he or she lives longer than you do, then you will need to name two executors and trustees here. They will only become your executors and trustees if you live longer than your spouse or partner.


What your will should include

1. Executor(s) and Trustee(s)

They are responsible for ensuring your wishes are expressed in your Will, and are carried out when you die. The duties of executors and trustees include:

  • arranging the funeral (if this has not already been done)
  • obtaining the grant of probate
  • obtaining details of all assets and liabilities of the estate, taking reasonable steps to protect and preserve the assets and as appropriate selling and disposing of property in the course of administration of the estate
  • paying debts, testamentary expenses and taxes of the estate
  • keeping accounts and records of all dealings involving the assets of the estate
  • distributing the assets of the estate according to the terms of the Will.

A trustee is often a family member, friend or solicitor or a combination of these. Often it is worth appointing a solicitor as trustee where there might be any chance of a conflict.

If yes provide info below or an alternative executor/trustee.

If no please provide below.

Executor 1

Executor 2


2. Trustee And Appointor Of Your Family Trust

Do you have a family trust? If not please got to question 3.

If you have a family trust your Will should appoint someone as a trustee of your family trust. This person would fill your role in the trust. Your role in the trust also includes a power to add and remove trustees of the trust. It is necessary that this power be given to at least one person through your Will.

Please also provide to us a copy of the Trust Deed.

Trustee


3. Provision for your dependants

Are you intending to leave your property in equal shares to your children? It is not necessary to refer to them specifically by name. If you do refer to them by name and then have another child after you have completed this Will, it will be necessary to change your Will to include the new child. Alternatively, you can simply refer to them as “my children”. If your children are under 18 years of age, you will need to nominate an age at which they would receive their share in your estate outright. The trustees would need to have a power to advance money for the education, well being, etc.


4. Guardians of your children

If you have a child or children who are under 18 years of age, you may appoint a guardian to care for that child or children.


5. Life interest clause

A life interest is a grant of the right to the use of a property or the income from a fund during the lifetime of a beneficiary without that beneficiary ever having the ownership of the property or capital. After the death of the beneficiary who has the benefit of the life interest the property becomes part of the residuary estate of the testator. The benefit may be for a shorter term such as for a fixed number of years or until a certain event, eg if a person remarries.

This clause may be of benefit to people in second marriages allowing the surviving spouse the use, occupation and enjoyment of the property during his/her lifetime without outright ownership and upon the death of the surviving spouse, the property passing to the children or other residuary beneficiaries.

Do you wish your spouse to continue the use of your property?

 


6. Gift over to grandchildren

If you have adult children you may want a gift over to grandchildren inserted in the event that one or more of your children predecease you leaving a child or children surviving him or her. If you wish to do this you will need to nominate an age at which any grandchildren would receive an interest in your estate outright with a power to trustees to advance money for their education, advancement, well being, etc.


7. Provision for disposal of all your property and possessions.

Is there anything specific that you want to leave to someone in your Will? (eg $10,000.00 or “Grandma’s diamond ring”). If so carefully describe the gift so that it can be identified and the name of the person or organisation who you want to leave the item to, eg “my sister Julie Anne Martin”, or “the Cancer Society”.

Your Residuary Estate is the balance of your assets after your funeral expenses and debts have been paid. Who would you like to receive your Residuaries Estate? Please also include the share you want them to receive.


8. Funeral preferences


9.  Contemplation of marriage

If you are not married but are thinking of marrying, the marriage will invalidate a will made before the marriage unless the will states that it is made in contemplation of marriage to a named person. If you are engaged to be married, enter the name of the person to whom you are to be married.


Read the terms and conditions here.