Many of our clients have simple, straight forward wishes that they want included in their Last Will and Testament.

Many other clients have more complex asset ownership, blended families, businesses, or other specific requirements they want to make clear in their Wills.

To make it easier for you to understand what is a Simple Will and what isn’t, below is a dot point break down.

What is a ‘Standard’ or ‘Simple’ Will, and what isn’t?

Summary
A ‘Standard’ or ‘Simple’ Will is a plan for sharing your things when you pass away. It usually gives everything to your partner first. If they are not alive, it then gives specific items to chosen people, and the rest gets split equally between your kids.
If a child passes away before you, their share goes to their kids. If you have no kids or grandkids, your stuff can go to brothers, sisters, or their kids.
This Will package also lets you choose someone to make decisions for you if you can’t, and it looks after your health and money choices.

A ‘Non-Standard’ Will is more complex, dealing with mixed families, businesses, loans, and trusts.

A Standard Will is one that provides for standard estate distribution, that is:

Initial: 100% to spouse/partner if alive.
If spouse/partner not alive then.
- Specific gifts to nominated beneficiaries, then
- 100% of residue shared equally between the children.
If a child predeceases parents, then that child’s share of residue goes to their children (i.e.; grandchildren), if any.
If no children or grandchildren then for example to siblings and siblings-in-law equally (or their children if beneficiary predecease will makers). If there is no surviving spouse/partner then second, third and fourth distributions apply.
- Estate: everything that you own at the date of your death;
- Beneficiary: to whom you have left a share of your estate;
- Residue: everything left over after payment of your debts and expenses.