Will Precedent Document Templates

Allan Swan

Our Will Precedents are Microsoft Word document templates that have been produced, subject to certain conditions of use, as a publication for use by Lawyers with Australian based practices or who have Australian clients.

The 9th edition of our Will Precedents was released in July 2010  and includes 14 templates, a clause by clause summary of its clauses and a marked up version of the templates highlighting the changes that have been made since the 8th edition.

NOTE: The 9th edition of the Will Precedent Document Templates is the final edition of the Templates to be produced by Moores Legal and will remain on sale until April 2012.  Prospective purchasers of the templates should be aware that the templates were prepared prior to several recent changes to Australia laws.  Should the templates be purchased, it is suggested that the templates be updated to reflect the impact of those changes.

For example, the terms of the special disability trusts in 4 of the templates should be amended to permit any expenditure permitted by trustees of special disability trusts under the federal Social Security Act 1991 or the federal Veterans' Entitlements Act 1986.  Reflecting changes to the taxation of trusts and deceased estates, the powers of the executors and trustees should permit the streaming of expenses (as well as income) from beneficiary controlled testamentary trusts.  It is also suggested that executors be required, rather than have the option, to meet the cost of the income tax to be borne by a life tenant or other beneficiary having to pay capital gains tax on a taxable capital gain that has not actually been allocated to the life tenant or beneficiary.

Parts of the templates will appear in the forthcoming CCH Australia Master Estate Planning Guide.

Allan Swan November 2011

Content

The key changes to the 9th edition is the inclusion of definitional changes to trust income following the High Court decision in the FCT v Bamford and the consequential Decision Impact Statement issued by the Australian Taxation Office.

These changes reflect the ongoing impact of extensive changes to superannuation, taxation (Federal and State), means tested pension eligibility, bankruptcy and family laws.

See our detailed summary for further information.

Outline of Contents                        Appendix A Clause by Clause Summary