In Australia, there are several types of wills recognized under the various state and territory legislation. While the specific names and requirements may differ slightly between jurisdictions.
No two people are the same and this is why there are different Wills available, each being customisable to your circumstances.
Over the next few weeks we will provide a snapshot of the five most common Wills used in Australia being:
- Standard Wills;
- Testamentary Trust Wills;
- Mutual Wills;
- Mirror Wills; and
- Living Wills.
Standard Wills
Ease and convenience
A standard Will is the most common type of Will made as it is suitable for those individuals with straightforward assets, family situations and distribution wishes. These Wills outline how your assets, debts, and personal belongings are to be distributed after your death and do not typically does involve complex trusts or special provisions. However, they can be customised to include instructions regarding guardianship of children, funeral wishes, care of pets, etc.
Which Will is best for you?
It is essential when making your Will to seek legal advice. Our Wills and Estates Team will take the time to understand your circumstances and can guide you on the type of Will which will accurately reflect your wishes and is legally valid. For more information, please contact us on 03 9614 7111 or at melbourne@nevettford.com.au.