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 (A) Specific gifts to nominated beneficiaries, then (B) 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.
- everything that you own at the date of your death
- to whom you have left a share of your estate
- everything left over after payment of your debts and expenses
- 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
A testamentary trust can also be included 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
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