Simple Mutual Wills (no Testamentary Trusts – all to each other & when both dead then all to the children equally

Mutual Wills - all to each other & when both dead then all to the children equally

$165

What are Mutual Wills?

You are building two Mutual Wills. Everything goes to each other in the first instance. After you both die then everything goes to your children equally. And all your children are the Executors.

Eg. Rob and Mary are married with 5 children. All children are over 18 years of age. In Rob’s Will he leaves everything to his wife and makes her the Executor. However, if Mary dies before him then, instead, he leaves everything to his children equally and all his children are the Executors.

Mary’s Will is a mirror image. She leaves everything to her husband and, if he is dead, then she leaves everything to their 5 children equally.

Rob and Mary don’t need to be ‘married’, they can be ‘life partners’ or in a defacto relationship. Also, the people that get the assets after both of them die don’t have to be their ‘children’, it could be any person or persons getting everything equally when both of them are dead.

Build these Mutual Wills instead if:

  1. You are not leaving everything to the children equally.
  2. Some or all of your children are under the Age of Majority or not yet born.
  3. You don’t want to appoint all the children as Executors.

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.

Why no Testamentary Trusts in our Wills?

You are building two ‘simple’ Wills. They contain no Testamentary Trusts. A ‘Testamentary Trust’ helps your beneficiaries save on de facto death duties. The 4 most common death duties are:

  1. Capital Gains Tax
  2. Income Tax
  3. Stamp Duty
  4. up to 32% tax on your Superannuation

While Testamentary Trusts cost more to build on our website they make it easier for your family to avoid death duties. If you would rather have Testamentary Trusts in your Wills then build your Mutual Wills with Testamentary Trusts here.

Please telephone us if you need more legal advice in answering the questions. We are a law firm.

Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
39 Stirling Highway, Nedlands, WA (Post Office Box 5169, Dalkeith, WA 6009)
Mobile: 04777-96959
Direct: 08 6389-0400
Reception: 08 6389-0100
Email: [email protected]
Skype: brettkennethdavies

10/03/2016

Simple Mutual Wills (no Testamentary Trusts – all to each other & when both dead then all to the children equally

What are Mutual Wills? You are building two Mutual Wills. Everything goes to each other in the first instance. After you both die then everything goes to your children equally. And all your children are the Executors. Eg. Rob and Mary are married with 5 children. All children are over […]