We offer convenience as our trained Consultants make an initial home visit, or they will come and see you at a location of your choice. We can also utilise modern technology such as Skype or FaceTime if this is more convenient, and manage your engagement of a legal services provider. Estate planning is all we do, so we offer focused management of your estate planning outcomes to help you obtain appropriate advice.
Through our offering, we will arrange fixed fee services for you so that you have certainty over pricing. If you have a Will but aren't sure that it still fits your requirements, we can assist you to arrange a Will Review Service.
Will Writing Services
We offer 3 types of Wills. They are:
An affordable option, this will is for a person with a simple and small estate. It is only designed for straightforward gifting of a person's estate (that is standard distribution provisions).
This will is designed for persons with more individual requirements. You can include appointing guardians, life interests, specific gifts, a pet trust and a simple mutual will. It is suitable for people with young families who want to set up a fund for the benefit of young children as it includes specific trustee powers.
Platinum Trust Will
This will contains a Testamentary Trust. We recommend this will if you have:
- a substantial estate and you want to distribute in a tax effective manner;
- infant / young children and / or grandchildren and you want to set up a fund for their benefit;
- a beneficiary with a disability who cannot look after their own affairs;
- a problem beneficiary;
- high risk beneficiaries (i.e. business owners, lawyers and doctors) who may need asset protection.
Your ‘estate’ consists of the assets controlled by your Will.
A Will deals with how your estate is managed and distributed when you die.
But what about the situation where you are living but you can no longer manage your own affairs? In this circumstance we recommend you have enduring powers of attorney and guardianship in place.
Enduring Powers of Attorney (legal and financial affairs) WA
You legally appoint one or more trusted people (called an attorney) to handle your legal and financial affairs when it is either inconvenient for you (for example, you are overseas) and, or you can no longer manage them yourself (you become mentally incapacitated).
Enduring Powers of Guardianship (medical and welfare decisions) WA
You legally appoint one or more trusted people (called a guardian) to make medical and lifestyle decisions for you when you cannot. Such decisions include where you live, medical treatments such as physiotherapy and dental treatment.
You need to sign powers of attorney and guardianship while you are mentally capable.
You cannot complete powers of attorney or guardianship once you become mentally incapacitated. So it is important to get these documents while you are able. If you do not have them in place and you become mentally incapacitated then your loved ones may have to go to Court to have someone appointed to look after you and your affairs.
Advance Health Care Directive (personal medical treatment)
A competent adult has the legal right to agree or refuse medical treatment. An Advance Health Care Directive specifies your preference regarding medical treatment.
For your convenience, and cost-effectiveness, we have designed packages, which consist of a mix of:
- The form of Will you choose i.e. Standard, Premium or Platinum Trust Will; and up to 2 supporting documents:
- Enduring Power of Attorney (EPA);
- Enduring Power of Guardianship (EPG);
- Advance Health Care Directive
A 2 person package includes 2 of each relevant document.
Our package costs are as follows:
|1 Person||Price (inc GST)|
|Platinum Trust Will||$1,250.00|
|2 People||Price (inc GST)|
|Platinum Trust Will.||$2,100.00|
Your Fees will be Fixed
For the services we will provide and arrange on your behalf, you will receive the following:
- we will obrain your initial data information;
- managing your appointment of a legal service provider to prepare draft documents;
- sending the documents to you for review and approval;
- assist you to arrange discussions, correspondence and meetings with your lawyer about the documents;
- any amendments to the documents you require before signing;
- any minor amendments required by you to the documents within 30 days of your signing them, or us sending them to you for signing. In this case the amended documents will be sent to you for signing.
Our fixed fees are payable immediately when you engage our services.
*The Will Professionals are unable to provide you with legal advice or legal services. The Will Professionals will, where engaged by you, help you manage the engagement of your lawyer.
Things you need to consider
Before we talk to you about making your Will there are some things you need to think about.
Do not worry, we will discuss these matters with you also.
1. Who will be your Executor(s) / Trustees?
This is the person whom you want to carry out the instructions in your Will. You may want to appoint your partner, one or more of your adult children (over 18 years of age), trusted friend, or family member. It is best to have your preferred executor(s) and backup executor(s)
2. If you have young children (under 18 years) who will be their guardian?
A guardian is someone you appoint in your Will to take parental responsibility for a young child. You need to know that in Western Australia the appointment of a guardian in a Will may not legally take effect if there is a surviving parent. You can appoint a guardian in the event both parents have died.
3. Who do you want to make gifts to (i.e. your beneficiaries)?
You can make a gift to a beneficiary in many ways:
- A sum of money
- A specific item of property (such as a house, car, or jewellery)
- A whole or residue (i.e. rest) of your estate (what is left after your debts are paid and any gifts have been made).
Some other matters you need to be aware of:
There are certain assets that may not be distributed under your Will (they do not form part of your estate).
Some of these are:
- Jointly owned assets. Ownership of joint property passes automatically to the surviving joint owner regardless of what your Will states. Examples are jointly owned homes, home contents and joint bank accounts,
The exception is if you own an asset in common with others, a ‘tenant in common’. In this case a person’s interest in such property will be distributed by their Will.
- Trusts, partnerships and companies. Assets owned by partnerships, trusts and companies do not form part of your estate because they are owned by the relevant entity.
- Discretionary Trusts. Assets owned by a discretionary trust controlled by you do not form part of your estate because they are owned by the trust.
- Life Insurance. If you have nominated a beneficiary for the policy then the proceeds will be paid directly to the nominated beneficiary and do not form part of your estate. If this is not what you want, you will need to nominate your estate as the beneficiary of your policies so they will be distributed by the terms of your Will.
- Superannuation. Assets held by a superannuation fund generally will be paid directly to a dependent spouse or children and not your estate. This will depend on your particular circumstances, the fund policy and whether you have made a valid binding nomination to your estate. The rules differ from scheme to scheme - you should discuss the matter with the administrators of your superannuation fund.
Why a Testamentary Trust Will?
A discretionary testamentary trust is a trust created in your Will. It comes into existence on your death. It is designed to give your beneficiaries (the persons you leave gifts to) flexibility in dealing with their inheritance. Generally the assets are left to a trustee to hold on trust for the benefit of the nominated beneficiary. The form of Testamentary Trust used by The Will Professionals allows a person to set up, in one Will, a separate testamentary discretionary trust for each of his or her loved ones whom she or he wishes to benefit from a trust structure.
The main advantages are:
Taxation effectiveness. A testamentary trust may minimise the amount of tax a beneficiary pays. The discretionary power to distribute assets among a range of potential beneficiaries can result in tax savings. Minors (children under 18 years) under a testamentary trust get the same tax concessions as adults so that a distribution to a minor is exempted from the penalty tax rates that usually apply to them.
[Any tax savings that can be achieved by a testamentary trust will depend on your individual circumstances. Your accountant, financial planner or tax advisor should be able to advise you in this regard.]
Asset protection. The assets belong to the trust and not the beneficiary. This means the trust assets are protected from: - a beneficiary’s creditors (including the enforcement of any personal guarantees the beneficiary has given); - the effect of marriage breakdown (although it is difficult to protect assets from being accessed by the court for matrimonial property settlement and may not be effective in this regard); and - the bankruptcy of the beneficiary
Protection for problem beneficiaries. If a beneficiary becomes incapacitated (including, but not limited to the development of any dependency) control for the trust is not given to them until, and only if, the problem can be resolved. In this way the trust protects problem beneficiaries because someone else manages their inheritance so they cannot waste it.
Protection for infants and young / immature beneficiaries. You can choose the minimum age a beneficiary can take control of his or her trust / inheritance (i.e. 18, 21, 25 or any other age you nominate). Until a beneficiary reaches the nominated age, his or her inheritance is held on trust for his or her benefit. In this way the trust gives protection to children who are minors and protects immature beneficiaries against themselves, so they cannot waste their inheritance.
Disabled beneficiaries. A testamentary trust can be set up to protect someone with a disability.
Some disadvantages are:
- There are costs to administer a trust. A trustee will have to keep proper accounts and file annual tax returns.
- A Trust Will can seem complex. This perceived complexity should not outweigh the advantages it can offer in terms of tax effectiveness and asset protection.
We suggest you speak to your legal advisor, or accountant, or tax advisor about whether a trust is suitable for you. [Any advantages discussed regarding a Testamentary Trust Will are subject to future changes in the law.]
How The Will Professionals provides its Services
Our services are designed to make it convenient and cost effective for you to complete your personal succession planning. All without compromising the legal professionalism of the services we provide. Here is how we do this:
- Convenient because our team can make home visits or see you at a location of your choice. Or you can come to us. We also utilize technology to meet via video conferencing, Skype and Facetime.
- Professional because we will help you manage the appointment of your legal service provider.
- Fixed Fees no hidden costs or exorbitant hourly rate;
- Executor support. If your Will was arranged by The Will Professionals when you die your executors can meet with us for initial direction about their role as executor – this initial direction is complimentary and is only of a general nature.
- Will update service. If a person makes their Will with us we offer an update service as an efficient way of arranging amended terms.
- Complimentary Will review service. We offer a free initial review of a person’s current Will to determine if it needs updating.
No Matter your circumstances, we have a Will designed to suit you. Each of our Wills are designed to suit circumstances, we will meet with you, and recommend the Will that will suit your needs.Learn more
Enduring power of attorney
We believe everyone should have and Enduring Power of Attorney. These are done to protect you, and ensure that whoever acts as your attorney controls your estate and assets in the manner you want them to.Learn more
Enduring power of guardianship
An Enduring Power of Guardianship is an important document, as it protects you, and ensures that your Guardian is aware of how you would like certain situations to be handled.Learn more