comau Names Husband Wife Address Telephone contact numbers Husband h w m fax Wife h w m fax Email These notes are to assist us to prepare mutual husband and wife wills The issues which we mention below cover what husbands and wives commonly put in th ID: 32176
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INSTRUCTIONSFORWILLSFORHUSBANDANDWIFE Level5,580GeorgeStreet,SYDNEYNSW2000 Tel92679800Fax92832553 lawyers@emilford.com.au Names: Husband: Wife: Address: Telephonecontactnumber(s): Husband:(h)(w)(m)(fax) Wife(h)(w)(m)(fax) Email: Thesenotesaretoassistustopreparemutualhusbandandwifewills.Theissueswhichwemention belowcoverwhathusbandsandwivescommonlyputintheirwills,butyoucangenerallymakeawillin whateverformyoulike.Ifyoubelievethattherearespecialmattersthatneedtobeconsideredinyour wills,pleasespeaktous. BeforewecanadviseyouonthemostappropriateformofWillweneedyoutoconsiderafewthings. Ifyouownproperty,whatistheapproximatevalue?$ Whataretheapproximatevaluesofyoursharesinyour home? Husband:$ Wife:$ Whatistheapproximatevalueofyourotherassetsthatwill beincludedinyourestate? Husband:$ Wife:$ Whatistheapproximatevalueofsuperannuationthatwill passdirectlytobeneficiariesandnotbepartofyourestate? Husband:$ Wife:$ Areanyofyourassetssharesinprivatecompanies? If"Yes"pleaseprovidedetailsofthecompany, shareholding,shareholderandapproximatevalue Q Yes Q No DoyouhaveaFamilyTrust? Q Yes Q No Isthisasecond,orlatermarriage? Q Yes Q No Aretherechildrenfromanypreviousrelationshipwhoneed tobeprovidedfor? Q Yes Q No Ifyouhavechildrenwhataretheirnamesandages? -2- Ifyouhaveticked"Yes"toanyoftheabovequestionspleasecompletethisformbutwemayneed tospeaktoyouabouttheissue. Probate Whenapersondies,somebodyhastodealwiththemoney,propertyandpossessionswhichtheyhaveleft (calledtheir‘estate’)by: •collectingallthemoney; •payinganydebts;and •sharingouttheestateamongthepeoplewhoareentitledtoit. ThepersonsnamedintheWillas Executors mustmakeanapplicationtotheSupremeCourttobe formallyappointedas Executors .Theprobateregistrythensendsoutalegaldocument(a‘Grantof Probate’)whichallowsthe Executors todealwiththeestate.Thisprocessisoftencalled‘obtaining probate'. WhoshouldbetheExecutor(s)? Mostspousesappointtheotherspouseassoleexecutorandthisisquiteacceptable.However,ifthe otherspousehasdiedorisnotcapableofapplyingforagrantofprobateyouwillneedtoappointa substituteexecutororexecutors.Inthatcasewerecommendthatyouappointatleasttwoexecutors.It iscommonforahusbandandwifetoappointthesameexecutorssinceitispossiblethatthetwoestates mayhavetobeadministeredtogetherifyoubothdiewithinashortperiodoftime. Q Iappointmyhusband/wifeasexecutor. Q Idonotwishtoappointmyhusband/wifeasexecutor.Iappointthefollowingasmyexecutors. Wesuggestatleasttwopeople. Name,addressandrelationshiptome. Q Ifmyhusband/wifediesbeforemeorisnotcapableofapplyingforagrantofprobateIappoint thefollowingasmyexecutors. Wesuggestatleasttwopeople. Name,addressandrelationshiptome. Whowillbenefitfromyourestate? Manyspousesleavetheirwholeestatetotheotherspouseifheorsheisaliveandhassurvivedthemby 30days. Q Ileavemywholeestatetomyspouseifmyspousesurvivesmeby30days. -3- Q Ido not wishtoleavemywholeestatetomyspouseifmyspousesurvivesmeby30days. Whatifyourspousediesbeforeyouandyouhavechildren? Iftheotherspousehasdied,manyspousesleavetheirestatetotheirchildrenwhosurvivethemand attainacertainage.Apersonisconsideredtobeanadultat18.Ifthechildisunder18the Executor/Trusteemustholdachild'sshareinanestateuntilthechildturns18.Youdonothavetogivea childashareat18andyoucanmaketheagehigher. Q IfmyspousehasdiedbeforemeIgivemyestatetosuchofmychildrenasattainthefollowing age:years.( Pleaseinserttherelevantage ). Ifyouhavesaidthatyouwishtogiveyourestatetoyourchildrenanddonothaveanychildrenwho reachtheagewhichyouhavespecified,youcouldgivethatchild'sshareofyourestatetoyour grandchildrenwhoarethechildrenofyourdeceasedchild.Insomecasespeoplechoosetogiveashare tothespouseofyourdeceasedchild. Ifanyofmychildrenhasdiedbeforeme Q Igivemychild'sshareofmyestatetohisorherchildrenwhentheyattain()years. ( Pleaseinserttherelevantage ). Q Igivetomychild'sspouse%ofmychild'sshareofmyestateandthebalancetohisorher childrenwhentheyattain()years.( Pleaseinserttherelevantage ). Q Idonotwishtogivemychild'sshareofmyestatetoherorhischildrenorspouse. Whatiftherearenochildrenorgrandchildren? Youmaynothavechildrenorgrandchildren,oryoumayhavechildrenorgrandchildrenwhodiebefore you.Inthatcaseyoumustdecidewhoyouwillleaveyourestateto.Weremindyouthatyoumaygive yourestatetoanyperson.Someofthepossibilitieswhichyoumightconsiderare: 1. Itiscommonforawifetosayinherwillthatsheleavesonehalfoftheestatetonominated membersofherfamilyandtheotherhalftonominatedmembersofherhusband’sfamily. Q Igiveonehalfofmyestatetothefollowingmembersofmyfamily: ( Namesandaddresses ) Q Igivetheotherhalfofmyestatetothefollowingmembersofmyspouse’sfamily: ( Namesandaddresses ) -4- 2. Q Igivemyestatetobedividedamongthefollowingpeopleinthefollowingshares: Name,addressandshare Specificgifts Youmaywishtomakeaspecificgifttoapersonorcharity,suchasmoneyoranobject.Ifyou wishtogiveafixedamountofmoneyyoucouldconsiderwhethertoincreasethegifteachyear betweenthedateofyourwillandthedateofyourdeathbytheriseintheConsumerPriceIndex. Suchaprovisionensuresthatthegiftdoesnotdepreciateandthatitmaintainsitsvalue.Please notethatifyoumakeagifttoacharityyoushouldgivethefullnameofthecharity,andif possibleitsABN . Q Thefollowinggiftsareonlytoapplyifnoneofthepeoplespecifiedabovesurviveme OR Q Thefollowinggiftsaretobemadeevenifsomeofthepeoplespecifiedabovesurviveme.The circumstancesinwhichthegiftsaretobemadeare (forexampleonlyifmyspousehasdied) : Q Imakethefollowinggiftsofmoneyorproperty. NameandaddressGiftDoesCPIapply?YesorNo. Guardian Ifyouhavechildrenwhoareunder18years,youshouldconsiderwhowillcareforthemifyouandyour spousebothdie.Youdonotneedtospecifyanypersonifthepeoplewhowillnaturallycareforthe childrenarepeopleyouarehappywith.However,ifyouwishtonominateparticularguardiansyoucan dothatinyouwill.Nominatingguardiansdoesnotguaranteethatthosepeoplewillbeappointedas guardians,butyourwisheswillbetakenintoconsiderationifguardianshavetobeappointed. AnExecutorispermittedtospendmoneyonthemaintenanceandeducationofachildunder18whomay receiveashareoftheestateonturning18(orsomelaterdatewhichyouhavespecified).Itmaybe appropriatetopaysomeofthosemoneystothechild’scarersorguardians.Wethereforesuggestthat youdonotappointthesamepersonsasbothExecutorsandGuardians,althoughthereisnothingtostop youfromdoingthis.IftheExecutorsmanagethechild’smoney,andmakepaymentstotheGuardians onlyaftercarefullyconsideringthechild’sneeds,theriskwhichmightotherwiseariseoftheGuardian beingaccusedofimproperlyspendingthechild’sshareoftheestatewillbereduced. Q Idonotwishtoappointanyguardians,orthisisnotrelevant. Q Iwishthefollowingguardianstobeappointed. Namesandaddresses