Standard Wills

A standard will is the simplest form of will. It sets out who inherits your assets, who will administer your estate, and who cares for your children if they are still young. For most people with straightforward finances, it is all the estate planning they need. 

A will only works if it is properly drafted, signed and witnessed. In NSW, those requirements come from the Succession Act 2006 (NSW). Get them wrong and the document can fail, leaving your estate to be distributed under intestacy rules rather than according to your wishes. 

What Is a Standard Will? 

A standard will is a will that distributes your estate directly to named beneficiaries, without creating a trust or dealing with complex assets. It is sometimes called a simple will or a basic will. 

A standard will is usually suitable if: 

• your assets are straightforward, such as a home, a car, bank accounts and superannuation; 

• you want to leave everything to your spouse, then to your children; 

• your beneficiaries are adults who can manage their own inheritance; 

• you do not own a business or hold assets through a company or family trust; 

• you are not expecting your will to be contested. 

If any of those points do not describe your situation, a standard will may not be enough. We explain the alternatives further down this page. 

What Does a Standard Will Look Like? 

A standard will is a short document, often only a few pages. It follows a familiar order: 

1. Identification of the will-maker.Your full name and address, and a statement revoking any earlier wills. 
2. Appointment of an executor.The person who applies for probate and administers your estate. Most people appoint a spouse, an adult child, or a trusted friend, plus a backup. 
3. Appointment of a guardian.Only if you have children under 18. 
4. Specific gifts.Particular items or sums of money left to named people. 
5. The residuary estate.Everything left over after debts, taxes and specific gifts. This is the clause that does most of the work. 
6. Substitutionprovisions. What happens if a beneficiary dies before you do. 
7. Signing and attestation.Your signature, the date, and the signatures of two witnesses. 

 What Clauses Are in a Standard Will? 

Every standard will needs a revocation clause, an executor appointment, a residuary gift and an attestation clause. Without those four, the document is either invalid or incomplete. 

Beyond the essentials, most standard wills also include: 

• a survivorship clause, requiring a beneficiary to outlive you by a set period, commonly 30 days; 

• a power for the executor to sell assets and pay debts; 

• directions about funeral or burial wishes; 

• a clause dealing with any beneficiary who dies before you, so the gift passes to their children rather than failing. 

Standard will wording 

Wording matters more than most people expect. A gift described loosely, such as “my savings” or “my jewellery”, can be argued over for months after your death. Naming an account, an institution or a specific item removes that risk. 

Two wording problems come up again and again: 

• Gifts to a witness. Under section 10 of the Succession Act 2006 (NSW), a gift to a person who witnessed your will can be void. Never ask a beneficiary or their spouse to act as a witness. 

• Assets that are not yours to give. Superannuation and jointly owned property often pass outside your will. A clause purporting to gift them can create confusion and conflict. 

How Much Does a Standard Will Cost? 

The cost of a standard will depends on how complicated your circumstances are, not on how long the document is. The main factors are: 

• whether you are preparing one will or mirror wills for a couple; 

• whether you need a power of attorney or enduring guardianship prepared at the same time; 

• whether your estate includes a business, a family trust or property in more than one state; 

• whether you expect a family provision claim and need advice on reducing that risk. 

A professionally drafted will is one of the least expensive legal documents you will ever need. It is also the one most likely to cost your family dearly if it is done badly. Contesting an invalid will in the Supreme Court costs far more than preparing a valid one. 

Contact us for a fixed quote before any work begins. 

Standard Will vs Living Will 

The term “living will” comes from the United States and has no legal meaning in New South Wales. People searching for one are usually looking for one of two documents, and neither is a will. 

 A complete estate plan usually includes all three, plus an enduring power of attorney for financial decisions. A will alone does nothing while you are still living. 

When a Standard Will Is Not Enough 

A standard will is the right choice for most people. It is the wrong choice for some. 

Consider a more sophisticated will if: 

• you want to protect an inheritance from a beneficiary’s divorce, bankruptcy or spending habits. A testamentary trust can hold assets rather than distributing them outright, and can significantly reduce the tax your beneficiaries pay; 

• you have a blended family and need to balance the interests of a current spouse and children from an earlier relationship; 

• a beneficiary has a disability or diminished capacity and cannot manage an inheritance; 

• you own a business, or hold assets through a company or self managed super fund; 

• you are concerned that someone may bring a family provision claim against your estate. 

Using a will kit or online template in these situations is a false economy. Most of the invalid wills we see are homemade documents where the signing was flawed, the wording was ambiguous, or the will-maker did not understand what they were signing. 

Get Expert Legal Advice 

V.S. George Lawyers prepares wills for clients across Sydney and regional NSW. We will talk through your assets, your family and your concerns, then draft a will that reflects what you actually want. We also advise executors on probate and letters of administration when the time comes. 

To arrange a will appointment at our Bexley North office, or at our serviced offices in Sydney CBD or North Sydney, call (02) 9150 6991 or email us.