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Your free will

The Will of [NAME]

THIS WILL is made by me [NAME] of [ADDRESS], in the state of [STATE], [POSTCODE].
 
 
 
2.      Where:
a.       a person has died and one or more deaths are presumed; or
b.      two or more deaths are presumed; and
c.       the order of deaths, whether proved or presumed, is uncertain;
 
this will is to be construed as if the deaths, whether proved or presumed, had taken place in the following manner: first, the oldest; then, after a period of 1 day, the sec­ond oldest; then, after a period of 1 day, the third oldest; and so on to the youngest. * It is possible that you and your spouse may die together, or one of your beneficiaries die with you. It may also be in circumstances where it is hard to determine who died first. In some states there are law that “presumes” a certain order of deaths for where order of deaths are uncertain.
 
3.      This will is made in contemplation of my marriage with [CONTEMPLATIONOFMARRIAGENAME], and is not void if the marriage does not take place. [Alternatively: This will is made in contemplation of my marriage with [CONTEMPLATIONOFMARRIAGENAME], and is void if the marriage does not take place]
 
4.      The word ‘children’ includes a child.
 
 
5.    I appoint as my executor [EXECUTOR] of [EXECUTORADDRESS], in the state of [EXECUTORSTATE].
 

 
 
a.       to divide the whole of my estate evenly between:
 
(i)                 BENEFICIARIES
 
Name Amount or %
 
 
b.      if a person referred to in subparagraph (a) has already died or does not survive me or dies before attaining a vested interest, leaving children who survive me and have attained or attain their majority, then those children having attained or on attaining their respective majorities take equally the share which their parent would otherwise have taken;* It is possible that a beneficiary may die before inheriting your gift, and leave children who survive you. The rationale is that when your beneficiary dies, the beneficiary would usually leave the inheritance to his/her children.

For example, you may have a son who have two daughters (ie: you have two grand-daugthers), and a daughter who have 3 sons.

So if you and your son dies together with you on a fishing trip. Your grand-daughter will receive your son's share of your estate and your daughter will receive the other share.

Without this clause, your daughter would receive your entire estate, leaving your grand-daughters without any inheritance from you.
 
c.       if the trusts of a share or shares referred to in this paragraph lapse or fail because no person attains a vested interest in that share or those shares, then from the time of that lapse or failure that share or those shares is or are added equally to the other share or shares the trusts of which have not then so lapsed or failed, and this provision applies both to the original shares and to shares which have increased as a result of the application of this provision.* This clause covers for the alternative scenario left out by the preceding clause - ie: if your son does not have any children. In this case, your daughter will get everything.
 
8.      If [SPOUSENAMEGUARDIAN] fails to survive me, I appoint [GUARDIANNAME] of [GUARDIANADDRESS] guardian of my minor children.
 
a.       exercise any powers given to them by law;
 
b.      exercise the powers of a trustee for sale in respect of any property in my estate and my executors may:
 
(i)        without being liable for any loss (including liability for taxation on capi­tal gain) caused by so doing, postpone sale;
(ii)               without being liable for any loss (including liability for taxation on capi­tal gain) caused by so doing, retain in its form of investment at my death any part of my estate, even though it is wasting, hazardous or reversionary;
(iii)             sell, by public auction or private sale, and for that purpose may extend credit;
 
c.       determine whether receipts or outgoings are capital or income, or partly income or capital, so as to bind the beneficiaries, even though the receipts are from a company or corporation that has made a decision on the mat­ter;
 
d.      apply for the maintenance, education (including travel to broaden the mind), advancement or benefit of a beneficiary the whole or any part of the capital and income of that part of my estate to which that beneficiary is entitled or may in future be entitled;
 
e.       for the purposes of paragraph (d):
(i)                 make a payment or payments to a minor beneficiary’s parent or guard­ian or a person with whom the minor beneficiary resides; and
(ii)               accept the receipt of that payee as an absolute discharge;
 
f.       make loans to beneficiaries:
(i)                 secured or unsecured;
(ii)               on interest or interest free; and
(iii)             on whatever terms;
 
g.      acquire or lease property for occupation, use or enjoyment by a benefi­ciary (whether alone or with some other person or persons);
 
h.      do any one or more of the following:
(i)                 concur in any scheme or arrangement involving or affecting the shares, securities, control, property or undertaking of;
(ii)               vote in; or
(iii)             apply for and accept directorship of any company or corporation in which my estate is or may become interested or concerned;
 
i.        apply for, accept or take up securities of any description or denomination, bonus shares or other rights or benefits made available by a company or corporation in which my estate is or may become interested or concerned;
 
j.        borrow money, either with or without giving security, and enter into any mortgage, charge, bill of sale, lien or security over any part of my estate;
 
k.      lease any part of the real or personal property in my estate:
(i)                 for the periods and upon and subject to the covenants and conditions which my executors think fit; and
(ii)               either with or without provisions for renewal or otherwise;
and accept surrenders of leases or tenancies of my estate or any part of it;
 
l.        maintain, repair, improve, develop, alter, renovate, pull down, erect or re-erect any part of my estate;
 
m.    enter, participate in, enter and participate in, take out, maintain or take out and maintain any one or more of the following:
 
(i)                 any insurance policy against risks affecting my estate;
(ii)               any life insurance policy in respect of any person;
(iii)             any policy or contract of health or accident insurance or benefit in respect of any person;
(iv)             any friendly society, trade union or association of employees benefit scheme in respect of any person;
(v)               any superannuation or pension scheme in relation to any person; and
(vi)             any funeral benefit or payment scheme in relation to any person;
 
n.      without the consent of any beneficiary, partition or appropriate any part of the real or personal property of the estate in or towards the satisfaction of a legacy or a share of any person or persons in my estate, and in doing so the following provisions apply:
 
(i)                 the value of any such property is that agreed by those of my beneficia­ries affected or, if my executors are satisfied that no value can be agreed in this way, the value is that determined by an independent val­uer appointed by my executors for the purpose;
(ii)               my executors need not take into account any differences in value of particular property to particular beneficiaries other than the value of the property as decided in subparagraph (i);
 
o.      use income, capital or both income and capital, to pay capital gains tax lev­ied on the disposal of any property, and apportion liability for that tax; for that purpose they may determine what is capital and what is income;
 
p.      for any reason, for instance to allow an early distribution of residue, set aside out of my estate a fund sufficient to meet all debts, charges and other liabilities of my estate. If, having discharged all such debts, charges and other liabilities a balance remains, that balance does not form part of the residue of my estate, but is to be distributed as if it were part of the residue.
 
q.      I express the wish that my executors make available to those of my beneficiaries who inherit any property on which capital gains tax is or may be assessable any documents which are relevant to the determination of the cost base of that property.
 
DATED                                                 [YEAR]
The testator signed in the presence of both of us                       }                 
being present at the same time, and we attested                        }
his signature in the presence of him and of each                        }
other                                                                                            }
                                                                    Testator
Witness 1:                                 Witness 1:                                 
Full name:   Full name:  
Occupation:   Occupation:  
Address:   Address:  
              

 
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