Non-tax effective Single Will (no Testamentary Trust)

 

What is a non-tax-effective Single Will?

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A Single Will is for one person.

Build a Single Will if:

• you are single
• your spouse has died;
• you are divorced;
• you do not have a life partner; or
• you have a life partner, but you are not leaving them everything

(Leaving everything to your spouse or life partner first? Build non-tax-effective Mirror Wills instead.)

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Upgrade your Will to a 3-Generation Testamentary Trust Will

A non-tax-effective Single Will costs less to build. However, it does not offer the stronger wealth protection found in our 3-Generation Testamentary Trust Single Will.

1. No Superannuation Testamentary Trust

Adult children pay up to 32% tax on superannuation after your death. The Superannuation Testamentary Trust in the tax-effective Will helps reduce that tax. This non-tax-effective Single Will does not contain that trust.

2. No Divorce Protection Trust

If a beneficiary divorces, the Divorce Protection Trust helps protect the wealth you gave them in your Will. This non-tax-effective Single Will does not contain a Divorce Protection Trust.

3. No Bankruptcy Trust

If a beneficiary goes bankrupt, the Bankruptcy Trust helps protect the assets you gave them in your Will. This non-tax-effective Single Will does not contain a Bankruptcy Trust.

4. Does not reduce de facto death taxes

The 3-Generation Testamentary Trusts in the tax-effective Will help reduce Australia’s de facto death taxes. Those taxes include CGT, income tax, stamp duty and the 32% tax on superannuation. This non-tax-effective Single Will does not contain those trusts.

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Upgrade your Will to a 3-Generation Testamentary Trust Will

Best protection: Singles Estate Planning Bundle

The Singles Estate Planning Bundle includes a tax-effective 3-Generation Testamentary Trust Will and 2 POAs. This is usually the best option for single clients because it includes your Will and the Powers of Attorney needed while you are alive.

 

Tax-effective Will only: 3-Generation Testamentary Trust Single Will

The tax-effective Single Will includes a tax-effective 3-Generation Testamentary Trust Will. It does not include POAs.

 

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Free storage and monitoring of your Will

Your original signed Will is valuable. Keep it safe. Tell your Executors where it is stored. You may also email your Executors a copy.

You can store the signed Will at home, at the bank or with your Executors.

Alternatively, store your signed Will at no cost with a law firm specialising in Will storage and death notice monitoring. When you die, that law firm uses its best endeavours to get the original Will to your Executors. Storage is free.