What must Australian Wills do?

What are the top 10 things that your Will MUST DO to minimise risk and maximise benefit for you and your loved ones? ​

1️⃣ Does your Will, or your spouse or partner's Will, or your parent's Will, provide every beneficiary with the option to inherit via a beneficiary controlled testamentary trust? ​

​2️⃣ Does your Will protect inheritances during common life problems that beneficiaries will likely face such as a divorce or de facto break-up, or financial problems like bankruptcy when inherited assets are under threat from third parties? ​

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3️⃣ Does your Will give executors clear priorities, obligations and authorities to fulfil their task and to act in the best interests of beneficiaries? ​

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4️⃣ Does your Will provide opportunities to minimise income tax and capital gains tax on inherited assets?​

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5️⃣ Does your Will provide beneficiaries with options and flexibility to manage their inheritance during good times and bad? Or as their circumstances change? ​

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6️⃣ Does your Will reduce the chances of disputes? ​

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7️⃣ Does your Will consider assets you may own in the future? Or future children you may have? Or does it have to be updated when things change?​

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8️⃣ Does your Will nominate preferred guardians of young children? ​

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9️⃣ Does your Will have a back-up plan if beneficiaries die before you? Or if guardians and executors are unable to act?​

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🔟 Does your Will think about your pets 🐾, or gifts you may like to leave, or your burial preferences and all the other basic Will decisions?​

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​Don’t put it off any longer. Get started now

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We’d love to hear from you.

Tim Purcell

Will Wizard Co-Founder

As always, if you have questions about the suitability of any Will for your needs and circumstances, seek independent legal advice.