Skip to main content

Different Types of Wills


Many different types of Wills are available for many different types of situations. Choosing the right type of will in future can help your beneficiaries and family.

What Type Of Wills Is Available?

The following are examples of some of the many available types:

Traditional or Simple Will

Traditional or simple wills are usually a short or two-page document in which the will maker:
  • After his death appoints an executor to manage his estate; and
  • Usually give their entire property to their spouse and if their husband dies, then to their children.

This wills generally only suit manufacturers with limited assets who are only in the first marriage with the children of that relationship. Will is generally unsuitable for will makers with mixed families and / or who have a more significant asset pool.

Testament Trust Wills

Wills testamentary trusts that provide benefits are more sophisticated than the traditional or simple wills discussed above.

The testamentary trust is incorporated into the will's terms of the will, which often makes the will complicated and lengthy. The will trust created under Will remains inactive in Will until Will Maker's death. At that stage, the beneficiary will typically be able to choose whether to take their share of the property as a lump sum gift or whether to use their own testamentary trust as a way of obtaining their share.

Testamentary trusts have many benefits for beneficiaries, especially in relation to tax savings.

Statutory Wills

A statutory will is a will made by the Supreme Court on behalf of a person who does not have the capacity to testify.

Making A Wills

Mutual Wills

A Mutual Will is a legally attaching contract entered into by you and your spouse. The purpose of a Mutual Will is to ensure that when the first of you dies, your preferred beneficiaries are provided as you wish. Mutual wills usually prevent their partner / spouse from changing their willpower except in limited circumstances.

Mutual wills may be beneficial in mixed family situations. However, they also suffer losses in that they lock your wills in stone and can increase the risk of future challenges for you or your spouse. They should only be used after careful determinant and legal advice. Mutual wills must be carefully drafted and documented in writing.

If you are considering using Mutual Wills, you should first seek the advice of a lawyer to determine if Mutual Will is right for you.

Special Disability Trust Wills

A special disability trust is a trust established for a person who suffers from a severe disability. These types of Wills enable the disabled beneficiary to preserve their entitlement to their disability pension while being able to benefit from the property.

There are several criteria that a disabled person needs to meet in order to qualify for a special disability trust as well as a number of criteria that the terms of a special disability trust must consider to be a special disability trust.

Special disability trusts can be created during your lifetime or under your wills.

All You Need Is Protective Trust Wills

Where a person is insecure, sometimes it is not appropriate to allow a person to control their share of the property. Beneficiaries who may be suitable for you to build this kind of trust on your will include:
  • A disabled beneficiary who does not meet the criteria for a special disability trust;
  • A beneficiary who may be sensitive to the negative effects of others; or
  • A beneficiary who has problems with gambling or drug use

This type of Wills allows the manufacturer to appoint the trustee to manage the vulnerable beneficiary's share of the property. This means that the weaker beneficiary may benefit from your property but that their share of the property is protected.

What Should You Choose?

Deciding which type of will is best in your circumstances. There are various factors that need to be carefully thought out before deciding what to do. Creating the wrong type of Wills can lead to costly property litigation that can have a detrimental effect on your family or beneficiaries.

We recommend that you seek legal and financial advice about the best Making A Wills for you. The dedicated estate planning team at Jackson & Associates Solicitors in blackwood can help you make the right decision about the right will for you, so call us now on (08) 8278 8566 or email us at info@jacksonlegal.com.au.

Labels:
Location: 6 Main Road, Belair, SA 5052

Comments

Post a Comment

Popular posts from this blog

What is a difference between Powers of Attorney and Enduring Powers of Attorney?

The main difference between Powers of Attorney and Enduring Powers of Attorney is that Enduring power is effective even after losing mental capacity. Powers of Attorney is a document that you can sign the appointment of another person to work for you in connection with your financial matters. You can also choose to limit some tasks that you can do on your own. At any time, Powers of Attorney can be cancelled. However, if you lose mental capacity, then Powers of Attorney is terminated to operate. Unlike the Powers of Attorney, Enduring Powers of Attorney operating will continue, even if you lose mental capacity. The Enduring Powers of Attorney will clearly tell you to continue this even if you lose mental capacity. This is an important document that will enable a trusted family member or friend who you choose to manage your financial affairs. You can also choose to make your Enduring power attorney narrow or specific like the attorneys' powers. When you can be effec
Post a Comment
Read more

5 Things for Advance Care Planning Success

Often, people do not give enough time for an advanced care planning unless it's too late. Although it may seem like a tangled topic, or something you do not want to think, planning your care before emergencies, it is paramount to ensure that you get the level of care you want and worth it. If you have never thought of a lot about your health care plan, here are five things you should know. 1. What is an advanced care plan? An advanced care planning is exactly the same as it seems. This is a plan that you do before getting sick or having an emergency, and you can take steps to provide health care to your doctors and health care team, in case you explain about your health Are unable to make or decide meditation For example, if you have a care plan, and then had to slip into a coma then your family and doctors will have a document explaining how you would like to cure. 2. Ideas for Advanced Care Plan An Advance Care Directive enables you to take medical care in
Post a Comment
Read more

What Makes A Wills Valid?

A will is a legal document that sets your wishes for what you want to do with your property that has occurred since your demise. Ensuring that your Wills is well structured is very important to be clear and up-to-date; as it will be more likely that your assets will go to the people you want them to. Most people know something about what they want to do with their property once it is passed. Whether you decide to leave your property to your children or your favorite charity, it is important that you make sure that the Wills you make is valid so that the benefit you wish to make will actually happen. Why Should I Make A Wills? We understand that Making A Wills to make a person can be a very difficult document. However, it is a good idea to make a will for a few reasons: To express your desire and intention for what you want to do with your property once it is passed; To adequately provide for those you care about, especially when considering mixed families or others who wish to
Post a Comment
Read more