What is a Single Will?
You are building an Australian Simple Single Will on our law firm’s website. Read the hints. Watch the training videos. Telephone us for legal advice on how to answer the questions.
Single Will vs Mutual Will
A single Will is a Will for a single person. Build a Single Will where:
- your spouse has died
- you are divorced; or
- you don’t have a life partner.
(In contrast, Mutual Wills are for couples who leave everything to each other, in the first instance. They are for married couples or people with a life partner. The two Wills mirror each other. If you wish, build Mutual Wills here.)
Why no 3-Generation Testamentary Trust in my Will?
The Simple Will you are building contains no Testamentary Trusts. ‘3-Generation Testamentary Trusts’ Wills stop the five defacto death duties:
- Capital Gains Tax
- Income Tax
- Stamp Duty
- 32% tax on your Superannuation payable by children over 18
- Divorce Protection Trust – to protect your beneficiaries
A 3-Generation Testamentary Trust Will costs more to build on our website. However, it makes it easier for your beneficiaries to escape death duties. Rather have a Testamentary Trust in your Will? Then build a 3-Generation Testamentary Trust Single Will.
Free storage and monitoring of your signed Will
Your original signed Will is valuable. Keep it safe and let your Executors know where it is stored. (You may wish to email a copy of your Will to the Executors.)
You can store a signed Will at home, at the bank or with the Executors.
Alternatively, you can store your signed Wills with a law firm that specialises in Will storage. There is no cost to you.
Telephone us and we will let you know how to proceed with storing your Will in that law firm’s safe custody.
Once your signed Wills are put in that law firm’s safe custody they are monitored. That law firm monitors death notices. When you die the law firm holding your original Will uses its best endeavours to get the original Will into your executor’s hands. They also help and support your executors on how to administer the deceased estate and help set up the many trusts contained in your Will. The storage of your Will is a free service.