WILL INFORMATION SHEET

It is important for each of us, over the age of 18, to have a Will.  Without one the law decides for you how your estate is to be distributed.

The following is a list of some of the information we need to draw your Will and the things you should consider. It is not exhaustive and some may not be relevant but it will give us some initial details prior to meeting with you. We invite you to complete or semi-complete this form.

We will contact you when we receive the form, discuss any issues raised and the cost of preparing the Will.

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PART A

Your Personal Details

(You must be at least 18 to make a valid Will)

Your Spouse/Partner

Your Children

Child 1

Child 2

Child 3

Child 4

Child 5

Child 6

Step Children

Step Child 1

Step Child 2

Step Child 3

Step Child 4

Step Child 5

Step Child 6

Details of Your Assets

We need details of your assets and liabilities.

Real Estate

Address 1

Address 2

Bank Accounts

Account 1

Account   2

Account   3

Account   4

Account   5

Account   6

Shares/Debentures

Company 1

Company 2

Company 3

Company 4

Company 5

Company 6

Car, Caravan, Boat

Vehicle 1

Vehicle 2

Vehicle 3

Vehicle 4

Vehicle 5

Vehicle 6

Valuables, Jewellery, Antiques

Item 1

Item 2

Item 3

Item 4

Item 5

Item 6

Superannuation, Life Insurance

Significant funds may be held in superannuation but superannuation is not necessarily an asset of your estate.  The trustee of the superannuation fund has discretion as to how to apply the money even if you have nominated your estate as beneficiary.  To ensure the trustee is obliged to pay your death benefit in the manner you direct you need to have made a valid Binding Death Benefit Nomination.

Please list details of your superannuation

(NB: if it is a self managed super fund, please bring a copy of the trust deed to your appointment)

Fund 1

Fund   2

Fund   3

Fund   4

Other Assets

Asset 1

Asset 2

Asset 3

Person 1

Person 2

Person 3

Trust 1

Trust 2

Trust 3

Company 1

Company 2

Company 3

Your Business

Consideration may need to be given to these issues in your Will and we can discuss this further with you.

Your Liabilities

It is important that we know about any liabilities (e.g. guarantees that you and/or your spouse/partner might have given for your business, members of your family, or others) as otherwise your executors may not know of these, and this can create problems.

Your Taxation/Financial Affairs

Part B

Funeral

Executors and Trustees

You need to decide who you want to appoint as executors and trustees.  An executor can be a beneficiary of your estate and it is sensible to appoint two at any time.  It is the executor’s job to carry out your wishes set out in your will, including

  1. Locating your Will and notifying the beneficiaries of your death.

  2. Checking that all assets are safe and that insurances are in order.

  3. Valuing the estate.  This involves identifying all assets and liabilities.  The value of each asset at the time of death must be ascertained by way of written confirmation from bank, financial institution, share registries, etc.

  4. Obtaining Probate or Letters of Administration from the Supreme Court if necessary. The executor will often instruct a solicitor to do this.

  5. Calling in all assets, attending to payment of any liabilities and distributing the remaining assets in accordance with the Will.

Executor 1

Executor 2

Executor 3

Executor 4

Beneficiaries

These are the people who receive the benefit of your estate upon your death. Here are some scenarios to consider:

  1. It is common for husbands and wives to appoint each other as sole beneficiaries and sole executors.  It is advisable to make provision for a “second tier” that is, what is to happen when the spouse has already died. Typically, many people then choose to give the estate to their children, if any.

  2. Another consideration is at what age children are to receivetheir share – 18, 21, 25 or some other age?  At the time of your death, your children may have children of their own.  It is common to provide that if a child of yours has died leaving children of their own, the share of your deceased child should go to the deceased child’s children.

Specific Gifts

Distribution of Estate

How do you wish to distribute your residuary estate?

(ie. The balance of your estate after the payment of all your liabilities, funeral expenses and other duties and any specific gifts made)

Guardians

If any of your children are under the age of 18, you may wish to consider who to appoint as their guardian(s). They will have the daily care and control of your children. We recommend that if more than one guardian is to be appointed that they be from the same household.

Although an indication of your wishes, the appointment of a guardian is not binding. In the event of a dispute, your executors, and if unresolved, the Family Court of Australia will decide who will be the guardian/s.

If any of your children are minors (under 18), who would you like to appoint as guardian(s)?

Guardian 1

Guardian 2

General Matters