1. What is the ‘Core Will’?

Our ‘Core Will’ (known more commonly as a ‘Simple Will’) is a straightforward legal document that sets out your wishes for the distribution of your assets after your death. It includes the appointment of an executor, directions for distributing your estate, and options to include your funeral preferences.

2. Who is the ‘Core Will’ suitable for?

Generally speaking, this Will is ideal for sole individuals with relatively straightforward estate planning needs, including:

• Those with modest or uncomplicated assets.

• Individuals who wish to leave their estate to a small number of beneficiaries (e.g., spouse, children, or other family members).

• Those who do not require advanced tax planning or asset protection features like testamentary trusts.

Sole Individuals without Children:

• Ideal for individuals who want to appoint executors, leave their estate to specific loved ones, and outline funeral preferences.

• Allows you to name alternate beneficiaries if your primary beneficiary predeceases you.

Sole Individuals with Children:

• Suitable for individuals who want to ensure their children are provided for and cared for.

• Includes testamentary guardian provisions to appoint trusted individuals to care for minor children.

3. What is the difference between the preparing a sole person ‘Core Will’ and preparing a couples ‘Core Wills’ that are mirrored?

What Does 'Mirrored' Mean?

• Mirrored Wills are nearly identical documents created for couples. Key sections, such as executor appointments, residuary estate distribution, and testamentary guardianship, are “mirrored” between both wills.

• Each spouse or partner has a separate will, but the terms complement each other.

‘Mirrored’ Wills are suitable for couples with or without children

Couples without children can easily leave their estates to each other (as a sole residuary beneficiary), with the flexibility to name alternate residual beneficiaries (e.g., siblings, parents, or charities) in the ‘disaster clause’ section of our Will.

Couples with children can choose to distribute their estate either:

1. entirely to the partner, with children as the ‘alternate’ beneficiaries; or

2. to the partner and the children in any percentage they so choose (without naming any ‘alternate beneficiaries'); or

3. Any other number of combinations!

4. What clauses does the ‘Core Will’ include?

Our ‘Essential Will’ provides customers with greater flexibility and customisation of clauses than that of our competitors. This includes:

• Clause revoking any previous wills or codicils.

• Appointment of an executor (and substitute executor if necessary).

• Optional clause to appoint a Testamentary Guardian (i.e. person(s) nominated to care for your minor children if no paternal parent survives).

• A clause directing your superannuation to be distributed under your will in the same manner as your residuary estate (note this is only effective if you have prepared a binding death benefit nomination in favour of your legal personal representative).

• Directions for the distribution of your estate, including specific gifts and residue distribution.

• Optional clause to ensure children of a predeceased residual beneficiary can inherit their parent’s share of your estate.

• Option to include a disposal of bodily remains and funeral wishes clause.

• Option to include a contemplation of marriage or divorce clause (to ensure that your will is not invalidated if you get married/divorce following the signing of your will).

• Options to include a ‘considered persons’ clause (a clause which explains why you have chosen not to distribute any part of your estate to a particular person/s).

4. Can I appoint multiple executors?

Yes, you can appoint up to four (4) executors to act jointly or independently, and you may also nominate substitute executors to act if your original choices are unable or unwilling to act.

5. Can I include a guardianship clause for my minor children?

Yes, our ‘Core Will’ allows you to nominate testamentary guardian(s) for your minor children. A ‘testamentary guardian’ is responsible for your children's care and upbringing if you pass away and there is no surviving parent.

6. Can I leave specific gifts in the ‘Core Will’?

Yes, our ‘Core Will’ allows you to leave specific gifts (e.g. a specific amount of money, watch, car, your prized stamp collection) to specific individuals or organisations before the remainder of your estate is distributed.

7. Can I gift my assets to charities or organisations?

Yes, our ‘Core Will’ allows you to nominate charities or organisations as beneficiaries in your Will. These gifts can be specific items, specific amounts of money or a percentage of your estate.

8. Can I include my funeral preferences in the ‘Core Will’?

Yes, you have the option to specify whether you would prefer to be buried or cremated, along with any additional funeral wishes. If you do not provide specific instructions, the Will can leave these decisions to your executor.

9. What happens if one of my beneficiaries predeceases me?

The Core Will includes a provision that allows the children of a predeceased beneficiary to inherit their parent's share of the estate if they survive you and reach the age of majority (as specified in the Will). If there are no children, the share will be distributed among the remaining beneficiaries.

10. What if I discover a mistake in my Will after it is generated?

We recommend that you carefully review your responses in the questionnaire and the completed Will once it is generated to ensure it accurately reflects your instructions.

If you identify any errors or omissions in your Will that are attributable to Estate Essentials, we will correct them free of charge. However, if the issue arises from incorrect or incomplete information provided during the questionnaire, you can amend your document(s) at no additional cost within 90 days of purchase.

To request an amendment, please email us at info@estate-essentials.com.au with the following details:

• Full Name;

• Submission date of your questionnaire;

• Our Reference Number (found in the bottom left hand corner of your generated documents);

• Reasons for the amendment.

Upon receiving your request, we will issue an amendment link to your nominated email address along with an amendment code, which you will need to enter at the end of your amended questionnaire. The amendment link will direct you to a partially completed form containing your previous responses.

Please note that some information from your original submission may not be recoverable, and you may need to re-enter certain details or start the process from the beginning.

11. Can I make changes to my ‘Core Will’ after it is signed?

You can amend or revoke your Essentials Will at any time while you have testamentary capacity. However, any changes must be made following the legal requirements in your jurisdiction, which often involve preparing a new Will or a codicil.

12. Is the ‘Core Will’ valid in all Australian states and territories?

Yes, the Essentials Will is designed to comply with estate planning laws across all Australian jurisdictions. However, it’s important that you execute the Will in accordance with the signing and witnessing requirements of your state or territory.

13. Shouldn’t I engage a lawyer to prepare my Will?

The Essentials Will is user-friendly and designed for self-completion with our guided online process. However, if your circumstances are complex or you are unsure about any aspects of your estate planning, we recommend seeking independent legal advice.

14. What assets are not covered by my Will?

Certain assets fall outside your Will, such as:

• Superannuation death benefits (unless directed to your estate via a binding death benefit nomination).

• Jointly owned property, which passes automatically to the surviving owner(s).

• Assets held in family or discretionary trusts.

15. How do I know my ‘Core Will’ will be legally binding?

For a Will to be legally valid, it must comply with specific legal requirements:

• The Will must be in writing.

• The Will maker must sign the document in the presence of two witnesses.

• Both witnesses must be present at the same time and must not be named as beneficiaries or executors in the Will. They must also be over 18, of sound mind, and able to understand English.

• The Will maker and both witnesses should sign at the bottom of each page and on the final page, ideally using the same (blue) pen.

• No changes or alterations should be made to the Will after it has been signed.

Following these formalities is essential to ensure that your Will is recognised as valid and enforceable

16. What happens if I pass away without a valid Will?

If you die intestate (without a valid Will), your estate will be distributed according to the intestacy laws in your state or territory. This could result in assets being distributed in a way that does not reflect your wishes, making it crucial to have a valid Will in place.

17. How does the Core Will handle superannuation death benefits?

Our ‘Core Will’ contains a clause stating that any superannuation death benefit paid to your estate will be distributed in the same manner as your ‘residuary estate.’ However, superannuation is not automatically part of your estate—it is managed according to the rules of your superannuation fund and any nominations you have made.

If you wish for your superannuation death benefit to be paid to your estate, you will generally need to complete a binding death benefit nomination (BDBN) form with your superannuation fund, specifying that the benefit be paid to your “Legal Personal Representative.” This decision can have significant financial and legal implications, so we strongly recommend consulting a legal or financial advisor to ensure your nomination aligns with your overall estate planning strategy.

18. What makes the ‘Core Will’ different from a Testamentary Trust Will?

The ‘Core Will’ is a straightforward and cost-effective Will document, focusing on basic estate planning needs. A Testamentary Trust Will is more comprehensive, providing asset protection and tax benefits for beneficiaries through the creation of testamentary trusts.

To learn more about Testamentary Trust Wills click here.

19. How do I sign my Will after it is generated?

After your Will is generated, we strongly recommend that you carefully and fully review the step-by-step signing instructions and information provided in the covering letter that accompanies your generated Will.

20. What happens if I lose my Will?

If the original Will is lost, a copy may not be legally enforceable. It’s important to store your Will safely and let your executor know where it is kept.

Disclaimer: The information provided in this article is of a general nature and is not legal advice. Estate Essentials is not a law firm and does not provide legal services. While every effort is made to ensure the accuracy of the information, it may not apply to your specific circumstances. If you have questions or require tailored advice, we recommend consulting an independent legal professional.

Still have more questions? Click here to reach out to us.

Ready to start building your ‘Core Will’? For sole persons click here, for couples click here