Are you one of roughly 42 per cent of Australians who don’t have a will? Is the will you have out of date? If your answer to either of these questions is yes, then the Will Wizard is here to help you.
The Will Wizard is designed to assess your estate planning needs. Depending on the situation, it will generate a simple will for you and then notify your financial professional if a more comprehensive will is required. Your financial professional can then assist in recommending an inhouse or external specialist law firm.
How do I start the Wizard?
Your financial professional will need to provide you with access to prepare your will within the system. Once provided, there are multiple entry points to the Will Wizard in your wealth portal.
You can launch the Will Wizard from the “Organise my will” button on the side panel.
You can also expand the protection area of your wealth portal and launch the wizard from there.
How does the Will Wizard work?
The Wizard is very easy to use. It guides you through a series of simple questions to collect information about your desired beneficiaries, preferred legal guardian(if you have children), and designated executor/s.
The Wizard will prompt you to add the details of your spouse and children so they can be included as your beneficiaries.
Once you’ve gone through this series of basic steps, the Wizard will ask a series of yes or no questions to better understand your personal situation. These include whether you’d like asset protection, if any of your beneficiaries live overseas, and a handful of other scenarios that would indicate your need for a more tailored succession plan.
Get a standard will.
If enabled by your financial professional, the Wizard will generate a basic will, pre-populated with the beneficiaries, legal guardian(as appropriate) and executor you’ve nominated.
If you are a Starter account holder the generated will will be sent to you via email. For Pro account holders, the will can be found at any time in the myprotection area of the wealth portal. Print, review, sign and have it witnessed to make the will legally binding.
Once signed and witnessed, upload the will to your wealth portal so you always know where to find it.
If you have a spouse, the wizard will generate a mirrored will for them to help ensure your household’s estate is fully protected.
Generating an Executor Kit.
If you have a Pro Account subscription, once a fully executed will is in hand, you can go ahead and generate an Executor Kit.
The Executor Kit is a document that outlines your financial situation and summarises your estate planning wishes to make things as easy as possible for your executor to administer your estate.