will with testamentary trust by willwizard.com.au

Hi,

Has anyone used willwizard.com.au ? It seems good for someone with simple affairs. It provides for testamentary trust for each beneficiary, for couples - it provides first and second level of executors.

Someone with simple affairs - it seems perfect. Price is also reasonable - for couples - its 499$.

Rooky

 

I think it depends on what you’re trying to achieve. If you hate your family and want to cause some chaos you can:

leave everything to your pet cat, or;

use a DIY will kit.

either should create a popcorn-worthy stir.

 

This is inspirational. You've given me a lot to think about.

 

Here's two examples:

Woman Leaves $13M Fortune to Pet Cat

Leona Helmsley's Little Rich Dog Trouble Dies in Luxury

The second one kicked up quite a stir with the family, believe it or not.

 

Mum's neighbour had a ½ share of a house left to her and another on the proviso that the other beneficiary had to live in the property & look after a cat.

They each received well over $500k.

 

In all seriousness I'll be looking to make similar provisions. No way in hell my pets end up in the pound.

 

I just reviewed one of these template type wills and it was invalid. the template itself will probably be fine if you get legal advice on the info you input in and get it checked once finished. You also won't get the strategies along the way such as how to get the main residence exemption for a beneficiary living in a house held by a testamentary discretionary trusts, advantages/drawbacks of superannuation proceeds trusts, tax issues, asset protection etc.

 

Seems pretty expensive for DIY. You could get a couple hours of lawyer time for that - just hope they type quickly

 

$499 for a couple is not expensive if you compare it to a lawyer who will charge minimum i think $2000

 

Thanks Terry. Any tax issues arise only after testamentary trust comes into effect. I feel that tax planning strategies can be worked out by executor of the will or trustee of the testamentary trust and this clause can be inserted as special condition that tax minimisation advice is to be obtained.

 

The tax issues have to be considered when making the will.

 

Thanks Rolf. 100% agree that we dont know what will happen tomorrow.

 

I asked some questions to willwizard. I feel that i should share them in this forum.

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How much time lawyer spends in reviewing each will prepared by you?

The Will templates and legal precedents were originally prepared by our specialist estate planning legal consultant solicitors over many months, and have ongoing routine reviews by the same highly experienced estate planning solicitors.

All lawyers rely on 'templates' that they apply to their clients needs. For Will Wizard, it is our online system (which has been designed in consultation with our consulting lawyers) that matches our customer's relationship circumstances and preferences with the correct Will template with the appropriate legal provisions in the appropriate order.

Once a customer has completed our online form, and our online system has prepared the documents, they are not reviewed again by a solicitor. They are reviewed by a Will Wizard team member that has been trained to spot any minor errors or formatting issues. Given that it is a coded system that has been tested my hundreds of times, such issues are now extremely rare.

It is because we rely on many pre-prepared templates that we are able to provide sophisticated 35 page Wills at such an affordable price.

How CCH Pinpoint is useful in preparing will for very simple scenarios like ours ?

CCH Pinpoint provides our legal consultants with easy access to a range of legal precedent services that assist them in preparing and reviewing the many templates and provisions Will Wizard relies on.

Most people believe that their circumstances are simple. However, it is the 'unknown' circumstances and potential tax issues that beneficiaries may face that make estate planning complicated.

I have submitted my details but i am not sure about quality or validity of wills prepared by automated process.

I understand. To further provide peace of mind, we provide three years of free changes and our money-back guarantee. We are extremely confident in the quality and validity of our Wills and our track-record for customer satisfaction.

Should you decide to seek the advice and documentation of a solicitor directly, it would be in your interests to rely on experienced solicitors that specialises in estate planning. Estate planning is extremely difficult to do well, which is why it is important to rely on a specialist like we do.

If you have any further questions, please let me know, or seek independent legal advice.

Warmest regards
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If a solicitor doesn't review the will but they leave it up to the judgement of their trained monkeys, there's no advice provided.

Better than a trained monkey spotting typos.

 

There is also no recourse to professional indemnity insurance either unless they are a legal practice - but even then probably not as the contact is just to supply a document rather than give advice.
The beneficiaries will only find out how good it is after your death.
If you had used a lawyer they could sue the lawyer if they miss out on what you thought you had promised them and lawyers all have insurance.

 

I can prep a TT will with other estate planning docs for myself and my wife for free. If I wanted to breach laws I could peddle these to client. I would never do that and so why would I put myself in that same position ? I suppose I can also do my own dentistry or set a broken bone and save a few bucks. Might hurt a little but what could go wrong ? Ditto plumbing, electricals, etc....Leave it to someone who knows.

I wont know what I dont know that I should know.

 

Fully in favor of a lawyer setting it up property but out of curiosity, Lawyers die too, how far does liability insurance extend?

 

Good question and I am not sure of the answer, I will be long death before you can sue me, but think the run off cover will cover it.