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Will with Four Scheduleswill with four schedules

The general part contains the introductory provisions of the will:

  • the name and address of the testator,
  • the revocation clause and
  • the clause describing the schedules and explaining when each one operates.

The first schedule applies if the testator’s spouse has survived the testator, and creates the trusts which are to operate in that case;

The second schedule applies if the spouse has not survived and creates the trusts which are to operate in that case;

The third schedule applies in any event and contains the rules that apply to each of the particular trusts created by the will;

The fourth schedule applies in any event, and deals with the matters in relation to executors, such as conflicts of interest, priorities, duties and powers. It also sets out rules in relation to the will as a whole, including interpretation of particular terms.

This precedent can be used to create any number of testamentary trusts.

Structure of the will

There are three groups of primary beneficiaries for whom trusts are created:

  • A spouse;
  • The testator’s children;
  • Children of a predeceased child or children.

Trustees

Where asset protection is important to a primary beneficiary, it is not recommended that the primary beneficiary be sole trustee. If the primary beneficiary is sole trustee, the asset protection may be weakened as there will be no restraint on the primary beneficiary as sole trustee distributing to themselves.

Equalisation of benefits

Clause 2.10 should be deleted if the testator does not want an equal distribution of the totality of their assets. For instance, if the testator wishes to make a distinction between their children of the present marriage and children of an earlier relationship. The intent behind the Equalisation of Benefits clause is to provide a solution to a problem which can arise if, for example, the control of a superannuation goes into the hands of one primary beneficiary to the exclusion of another, leaving the actual estate assets to be divided equally, under the will.

CONTENTS

  •  
  • Table of Contents
  • 1          STANDARD CLAUSES
  • 1.1      Legal and financial advice
  • 1.2      Survivorship
  • 1.3      Power to disclaim
  • 2          SCHEDULES
  • 1          SCHEDULE 1
  • 1.1      Provision for spouse
  • 1.2      Executors
  • 1.3      Creation of trust
  • 1.4      Disposition of estate
  • 2          SCHEDULE 2
  • 2.1      Children.
  • 2.2      Executors
  • 2.3      Guardians
  • 2.4      Creation of trust
  • 2.5      Disposition of estate
  • 2.6      Third generation
  • 2.7      Grandchildren
  • 2.8      Disposition of third generation
  • 2.9      No surviving person
  • 2.10   Equalisation of benefits
  • 3          SCHEDULE 3
  • 3.1      Property of the trust
  • 3.2      Trustees: definition and appointment
  • 3.3      Conflicts of interest
  • 3.4      Ineligible trustees
  • 3.5      Primary purpose
  • 3.6      Beneficiaries
  • 3.7      Powers of the primary beneficiary
  • 3.8      Transfer of powers
  • 3.9      Manner of exercise of powers
  • 3.10   Investment
  • 3.11   Powers of trustees
  • 3.12   Vesting and dissolution of the trust
  • 4          SCHEDULE 4
  • 4.1      Executors
  • 4.2      Conflicts of interest
  • 4.3      Priorities
  • 4.4      Duty to appoint
  • 4.5      Duty to seek out superannuation death benefit nominations
  • 4.6      Self-managed superannuation funds
  • 4.7      Superannuation lump sum death benefits
  • 4.8      General powers of executors and trustees
  • 4.9      Fees and commission
  • 4.10   Interpretation
  • 4.11   Definitions

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This Will is made up of a general part, and four schedules

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