Press the blue button above to start building your ‘simple’ Mutual Wills. In the first instance, you leave everything to each other. After you both die then you are leaving everything to the same group of people (such as children or friends). Mutual Wills are also called ‘couples’ or ‘Mirror Wills’. This is because each Will mirrors the other.
If you are not leaving everything to each other, in the first instance, then you can’t build Mutual Wills. Instead, build two separate single Wills.
When you press the blue ‘Build’ button above, you start building Mutual ‘simple‘ Wills. They contain no Testamentary Trusts. A ‘Testamentary Trust’ saves on the 4 de facto death duties:
3-Generation Testamentary Trusts cost more to build on our website. However, they make it easier for your family to avoid death duties. Rather have Testamentary Trusts in your Wills? Then build your 3-Generation Testamentary Trusts Mutual Wills here.
Professor Brett Davies invented Testamentary Trusts in 1994. In 1997 he then invented the 3-Generation Testamentary Trust. The 3-Generation Testamentary Trusts’ additional advantages include:
After you both die your adult children pay 17% or 32% tax on your Super. That is a non-dependancy tax. It is on your concessional superannuation. Let’s say you have $100,000 of concessional money in your Superannuation fund. Then when you die your adult children pay either $17,000 or $32,000 in tax. However, if you had instead built a 3-Generation Testamentary Trust this tax can often be reduced to nil. Instead build 3-Generation Testamentation Trust Wills here.
In the 3-Generation Testamentary Trust Wills, you get a Divorce Protection Trust. This delays or stops any capital or income going to the beneficiary who is suffering divorce or separation proceedings. It is designed to reduce the opportunity for the Family Court to get its hands on your money.
The Divorce Protection Trust sits dormant in the Will until needed. The Divorce Protection Trust activates for the benefit of the married person and that person’s children and grandchildren. It removes that person’s power to control the trust while they are suffering the separation.
The Divorce Protection Trust benefits the current and succeeding generations. This helps protect the assets from the Family Court. To get the Divorce Protection Trust, instead, build 3-Generation Testamentary Trust Wills here.
For legal advice telephone us. We are a law firm. We can help you answer the questions as you build your Will.
Adjunct Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
Australia wide law firm
Mobile: 0477 796 959
National: 1800 141 612
Email: [email protected]