About Product
The LYD Will with Testamentary Trusts provides a detailed process map for an appointed Executor to manage and distribute a deceased’s estate. Built into the Will is the option of creating testamentary trusts over specific bequests or various parts of the estate.
Is additional legal advice necessary?
If you are completing the Will for your own personal use, the system is simple and efficient and self-explanatory. If you would like to obtain legal help then you can book in a session with one of Abbott & Mourly lawyers who will look at your Will and take you through various sections to ensure that nothings has escaped the estate and also that it is legally valid and properly executed. To book in a video conference with one of our lawyers contact us: info@abbottmourly.com.au
If you are an accountant or financial planner helping a client prepare a Will it is highly recommended to use the video conferencing solution – a low cost legal sign off option for your protection. To book in a video conference with one of our lawyers contact us: info@abbottmourly.com.au
General Information
Every person should have a Will that directs a person, known and appointed as the Executor of the deceased person’s estate, to pay our bequests, establish life tenancies and trusts and attending to the management of the deceased’s legal estate.
The LYD Will with Testamentary Trusts provides a sophisticated estate planning option for anyone seeking safety, certainty and security for their estate.
Benefits
- It is simple and easy to complete the fact find and data capture
- Does not influence any discretionary trust or SMSF that the deceased was part of or acting as trustee for
- Covers specific bequests to beneficiaries
- Offers broad testamentary trust options
- Available with additional legal review from lawyers Abbott & Mourly. Note that the document prepared on the LightYear Docs platform has been reviewed by lawyers Abbott & Mourly however in complex cases, additional review and drafting may be required. If you would like to discuss your options, please contact info@abbottmourly.com.au
Frequently Asked Legal Questions
What is the Will for?
A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be followed. Further, your heirs may be forced to spend additional time, money, and emotional energy to settle your affairs after you are gone.
Why do a written will?
To maximize the likelihood that your wishes will be carried out, create what's known as a testamentary will. The most familiar type of will, this document is prepared by the person whose assets are being dispersed and is signed by them in the presence of witnesses. It's arguably the best insurance against successful challenges to your wishes by family or business associates after you die.
Can I make specific bequests to family members or trusts?
Under the LightYear Docs Will you can transfer, via the estate, a specific asset to a person or entity such as a property to a child, a vintage car to a grandchild, cash to a discretionary trust and many more options.
What is a Testamentary Trust?
A testamentary trust is a trust that is created on the death of a person and is for the benefit of a specific set of beneficiaries. The LightYear Docs Will has a wide range of testamentary trust options that the Executor can create directly from the estate.
What lawyers sign off on the the LYD Will with Testamentary Trusts?
All LightYear documents are prepared and signed off by Abbott & Mourly lawyers from Melbourne, Sydney and Brisbane.
Is there any training on the LYD Will with Testamentary Trusts?
We have specialist Wills training in the Support Section on www.lightyeardocs.com.au
Do you have details on the LYD Will with Testamentary Trusts that I can give my clients?
We have a video with Grant Abbott, explaining “The benefits of providing strong and secure SMSF estate planning with a Lightyear Docs SMSF Estate Planning package and leaving a legacy for the Family.”
Is legal advice necessary?
If you are completing the Will for your own personal use, the system is simple and efficient and self-explanatory. If you would like to obtain legal help then you can book in a session with one of Abbott & Mourly lawyers who will look at your Will and take you through various sections to ensure that nothings has escaped the estate and also that it is legally valid and properly executed. To book in a video conference with one of our lawyers contact us: info@abbottmourly.com.au
If you are an accountant or financial planner helping a client prepare a Will it is highly recommended to use the video conferencing solution – a low cost legal sign off option for your protection. To book in a video conference with one of our lawyers contact us: info@abbottmourly.com.au
Is the LightYear Docs Will reviewed regularly?
All LightYear Docs documents form part of the LightYear Docs internal document review cycle. All documents are scheduled to be reviewed at least annually or when required to do so due to changes in legislation. The LightYear Docs review cycle ensures all of our documents remain current and accurate.
Can this document be digitally signed?
NOT RECOMMENDED. As this document, or pack of documents, includes the establishment of a deed and/or a signature requires witnessing, Abbott & Mourly have advised that a digital signature on any part of the assembled document is NOT legally binding. This is in accordance with all current legislation. LightYear Docs will regularly review this position as part of its internal review process.
What happens after I purchase this document?
After you purchase this document, you will experience first-hand the power of our assembly engine, HotDocs. An interview session will appear in what is called the HotDocs iFrame. Through the use of the iFrame technology, we are able to create document templates in minutes, versus months of coding through other methods. The iFrame also allows for rapid integrations and documentation to be assembled instantly in "lines" or packs of documents.
Can I edit my document after it has been completed?
Your document will be available to edit from the LightYear Vault for 30 DAYS after you have completed the interview process, at which point it will be locked for future edits. Your completed documents will be listed under "My Vault" from the drop-down menu in the top right-hand corner after you login. This is also where you re-launch an "interview" to make edits within the first 30 DAYS.
Can I save a document to complete later?
Yes, provided you select save, you can exit the interview process at any time. All documents that have been purchased and not yet assembled will be saved under "My In Progress Docs" and are accessible from the drop-down menu in the top right-hand corner after you login. This is also where you re-launch an "interview" to continue the interview process and assemble your document.