Are you one of the roughly 42% of Australians who don’t have a will? Is the will you have severely out of date? If your answer to either of these questions was yes, then the Will Wizard is for you.
The Will Wizard is designed to assess your estate planning needs. Depending on the situation, it will either generate a will for you, or notify your adviser so that they may help connect you to a specialist law firm.
How do I start the Wizard?
There are multiple entry points to the Will Wizard in your wealth portal. You can launch it at any time from the “Generate my will” button on the top right, or you can expand the myprotection area of your wealth portal and launch it from there.
How does the Will Wizard work?
The Wizard is very easy to use. It asks a series of simple questions to collect information about your desired beneficiaries, preferred legal guardian (if you have children), and designated executor.
The wizard will prompt you to add the details of your spouse and children so they can be included as your beneficiaries.
A screenshot of the wizard summary page with the information that will be included in your will.
Once you’ve gone through this series of basic steps, the Wizard may ask a few extra 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.
The wizard may ask you a series of yes or no questions.
Get a free standard will
If enabled by your adviser, the wizard will generate a basic will pre-populated with the beneficiaries, legal guardian (as appropriate), and executor you’ve nominated.
The will will be sent to you via email and can be found at any time in the myprotection area of your wealth portal. Print, review, then sign the will to make it legally binding. Once signed, 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.
Your will has been generated and will be emailed to you. If you have a spouse, a will will be generated for them. Review the will before signing it.
The right will at the right time
If your adviser hasn’t enabled the will generation feature, the wizard will collect your responses and pass them on to your adviser’s designated law firm so they may get in touch with you to prepare a tailored estate plan.
Note: While the will generated through the Will Wizard in your wealth portal is free, estate planning services obtained through a third party may be charged.
Generating an Executor Kit
With a will 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, so as to make things as easy as possible for your executor to administer your estate.
For more information about the Executor Kit, click here.
For general questions about the Will Wizard, click here.