Question 1

What is the Will for?

Accepted Answer

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.

Question 2

Why do a written will?

Accepted Answer

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.

Question 3

Can I make specific bequests to family members or trusts?

Accepted Answer

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.

Question 4

What is a Testamentary Trust?

Accepted Answer

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.

Question 5

What lawyers sign off on the LightYear Docs documents?

Accepted Answer

All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.

Question 6

Is the LightYear Docs reviewed regularly?

Accepted Answer

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.

Question 7

Do you have details on the LYD Will with Testamentary Trusts that I can give my clients?

Accepted Answer

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.”

Question 8

Is legal advice necessary?

Accepted Answer

If you are completing the Will for your own personal use, the system is simple, 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 nothing has escaped the estate. They will also ensure 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

Question 9

Stamping and Lodgment of Trusts

Accepted Answer

The fees and stamping requirements for establishing a trust deed vary throughout Australia, and the duty payable also varies depending on the type of property that is held by the trust. Please contact our partners at Eventum Optimum (EO) on info@eventumoptimum.com.au for more information on when stamping is required (in what jurisdictions) and the fees/duties payable. EO are able to provide this service to you.

Question 10

How long does this document take to assemble?

Accepted Answer

Depending on the complexity of the data, this document should take approximately 10-25 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts .

Question 11

Do you have a data capture form I can use?

Accepted Answer

Yes. It is available here: https://info.lightyeardocs.com.au/supportcentre/data-capture-form-standard-will

Question 12

Is this document a legal document?

Accepted Answer

All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LightYear Docs platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by Abbott & Mourly.

The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.

Question 13

Is the document easy to read?

Accepted Answer

All LightYear Docs products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lightyeardocs.com.au.

LYD Will (with Testamentary Trust option)