There are several types of Wills. These include:
- Simple Will – These are usually only suitable for Will makers with limited assets who are single, in a first marriage or de facto relationship with children from that relationship only and who have a harmonious family.
- Complex Will – These require a more complicated formula for the distribution of assets. Some of the considerations might include clauses around the right of occupation on a property, providing for children from multiple relationships, dealing with assets which are shared or tied up in trusts or companies.
- Testamentary Discretionary Trust Wills – These types of Wills are even more sophisticated and are usually used when there are significant and varied assets. The Testamentary Discretionary Trust is usually created prior to the death of the testator and lie dormant until the death occurs. The beneficiary can then decide whether to take their share outright or to use their own testamentary trust to receive their share. These types of Wills are usually used to gain tax benefits through income splitting and streaming. Trusts of this nature can be used to fund specific care for minors such as education. They are often also used to protect long-standing family assets in the event of a relationship breakdown.
- Mutual Will – A mutual will is a legally binding contract entered into by you and your spouse to ensure that when one of you dies, your preferred beneficiaries are provided for in accordance with your wishes by your surviving spouse. These are often used in blended family situations. They bind you and your spouse to an agreed distribution of your estate after your death and vice versa.