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John Melis, Expert
Hi, I’m John, solicitor, and reviewing your post, and may need to ask a few questions a long the way to assist you.
The Last Will & Testament is a very important document, and every person over the age of eighteen years should have one professionally drafted by a lawyer. There are numerous formalities that need to be complied with to ensure the Last Will & Testament is valid. However, the first step before the will formalities can be completed, is to have a properly drafted will.
It is important to keep in mind that every persons circumstance is different, and having a Last Will & Testament professionally drafted by a lawyer is important to respect and secure the will makers legal rights and to avoid the will being contested in the future.
The pen is mightier than the sword and history supports the same, so make the last words count.
You can either draft your own will, or use a free online will or engage a lawyer to draft a will for you.
You may also call the state trustees to use the free will template too .
An example of a Last Will & Testament follows:
THIS IS THE LAST WILL AND TESTAMENT of me ***** ***** of*****Sydney, New South Wales 2000.
1. I HEREBY REVOKE all former wills and testamentary dispositions previously made by me AND DECLARE this to be my last will and testament.
2. In this will the word ‘children’ includes child and the word ‘spouse’ includes de facto or domestic partner.
3. Where any gift herein is made to a person who does not survive me for a period of 30 days the gift is to be treated as if that person died before me.
4. In this will any gift which depends on the beneficiary surviving me by a specified period or attaining an age does not vest unless the beneficiary so survives or attains the age specified. Income produced by the gift after my death and before vesting accumulates to the gift.
5. I APPOINT as my executor and trustee ***** ***** unless unable or unwilling to act or continue to act in which event I APPOINT JACK LU AND I DECLARE that the expression ‘my trustees’ when hereinafter used and where the context permits shall mean and include the executor or executors and trustee or trustees for the time being of my will whether original, surviving, substituted or additionally appointed.
6. Gifts to my trustees are not dependent on them acting as executors or trustees and they may apply to the court for commission.
7. All digital rights, accounts, assets, and device content which is not otherwise personal property or the subject of a specific bequest, shall form part of the residue of my estate and my executor is empowered to deal with these assets.
8. My trustees hold my estate on trust:
(a) To sell, call in or convert into money any part of my estate and pay any and all death, estate or succession duties, debts, legacies, funeral and testamentary expenses and any other costs, fees or expenses associated with my death or the administration of my estate;
(b) To give to ***** ***** Green the sum of $25,000 provided she survives me and if not this gift shall form part of the rest and residue of my estate;
(c) To give to HALEY APPLETON my art collection of paintings provided she survives me and if not this gift shall form part of the rest and residue of my estate;
(d) To do all things necessary to enable ***** ***** to have the use and enjoyment of all digital rights, accounts, assets, and device content;
(e) To give the rest and residue of my estate equally between such of my three children, LUKE YOUNG, JESS LONG, KATE YOUNG who survive me and attain the age of 18 years provided always that should any of them not survive me to take under this my will leaving children who survive me and attain the age of 18 years then such children shall take by substitution and if more than one equally the share in my estate which their parent would otherwise have taken.
9. My trustees may in their discretion:
(a) Exercise any powers given to them by law and have all the powers, authorities and discretions of a natural person, including but not limited to the power to invest and change investments freely as if they were beneficially entitled to them;
(b) Apply for the maintenance, education, including travel to broaden the mind, advancement or benefit of a beneficiary the whole or any part of the capital and income of that part of my estate to which the beneficiary is entitled or may in future be entitled;
(c) Make a payment or payments to a minor beneficiary’s parent or guardian or a person with whom the minor beneficiary resides and accept the receipt of that payee as an absolute discharge;
(d) Make loans to beneficiaries on whatever terms;
(e) Acquire or lease property for occupation, use or enjoyment by a beneficiary, whether alone or with some other person or persons;
(f) Sell, lease, exchange, transfer to a beneficiary or otherwise dispose of property in my estate in the terms they consider expedient as though they were absolute beneficial owners;
(g) Without the consent of any beneficiary, appropriate any assets of my estate at their value in or towards the satisfaction of a legacy or a share of any person in my estate;
(h) Do all such acts and things in relation to the affairs of any company in which my estate is or may become interested or concerned;
(i) Borrow money, either with or without giving security, and enter into any mortgage, charge, security agreement, lien or security over any part of my estate;
(j) Maintain, repair, improve, develop, alter, renovate, pull down, erect or re-erect any part of my estate;
(k) Maintain, take out or participate in any policy of insurance or superannuation scheme;
(l) For any reason, for instance to allow an early distribution of residue, set aside out of my estate a fund sufficient to meet all debts, charges, taxes and other liabilities of my estate;
(m) Carry on, either alone or in partnership with any person or persons the whole or part of any business in which I am engaged or interested at my death until such time as administration of my estate is finalised, and in this respect I direct my trustees to apply for a grant of letters of administration in order to get in the goods, pending a grant of probate, if necessary;
(n) Enter into a formal trust deed in order to provide for any trusts created by this my will, including the power to appoint any additional trustees and any costs, fees, duties or other expenses consequent upon the establishment of such trust deed shall be borne by my estate; and
(o) Hold all or part of any superannuation death benefits paid to my estate in a separate superannuation proceeds trust upon and subject to the rights and powers herein created for any of the beneficiaries under this my will who qualify as death benefit dependants pursuant to the Income Tax Assessment Act 1997 in such proportions as my executors may determine provided that my estate is divided between all the beneficiaries of my estate in the proportions that accord with my wishes expressed herein.
Dated the 22 day of February 2016
Signed by Testator and Witnessed in accordance with the regulations.
The Last Will & Testament is one of the most important documents for a person and should be updated on a regular basis with the changes of life events. Using a lawyer to both draft the document and make necessary additions, amendments, or even drafting a new will is a prudent protection method to secure the will makers last rights.
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John Melis, Expert