Changing Your Will

If you already have a recent will prepared within the last 10 years, it is likely you can get the electronic copy changed without any difficulty. If the will is older than that, or there is no electronic copy, you will need to prepare what is called a “codicil”, which is a formal will amendment.

How to change your will to make a percentage bequest to the Vision 100 Network

If you want to pay a percentage of your estate to the Vision 100 Network you will need to change the section of your will that deals with the balance of your estate. Once changed, it should look something like this:

9. Division and Distribution of Balance of Estate

9.1 My Executors shall divide the balance of my Estate not already dealt with under the preceding clauses of this Will into one or more parts, sections or portions, and shall hold on trust in accordance with this Will, and dispose of such parts, sections or portions as outlined in this clause.

9.2 Each of my three children will receive one quarter of my Estate.

9.3 If one of my children dies before me leaving a child or children who survive me, that child or children will receive that share of my Estate that their parent would have taken under clause 9.2 if their parent had survived me.

9.4 If one of my children dies before me leaving no child or children who survive me, each of my other remaining children will receive, in equal shares, that share of my Estate that child would have taken under clause 9.2.

9.5 The remaining portions of my Estate will be distributed as follows:

9.5.1 The Vision 100 Network Inc will receive a ten per cent share of my Estate;

9.5.2 Saint Xavier’s Church of Longford, Alice Springs will receive a ten per cent share of my Estate; and

9.5.3 Best Charities Inc. will receive a five per cent share of my Estate.

Note this is an example only, and no changes should be made to your will without seeking proper legal advice.

How to change your will to make a bequest for a set amount to the Vision 100 Network

All wills should follow a set pattern. The part of your will that you want to change to make a fixed bequest is usually called the “Specific Gifts” section. People use this section to give away specific items like jewellery, set amounts of money and personal items. Once you have made the change to your will, the specific gifts section should look something like this:

6. Specific Gifts

6.1 I give, free of all duties and encumbrances, the gifts listed below to my Executors to be distributed as follows:

(a) My collection of “Full House” refrigerator magnets to Mary-Kate Ashley Olsen;

(b) My “Teen-Wolf” T-Shirts to Michael John Fox; and

(c) An amount of $7,000 to the Vision 100 Network Inc.

6.2 The gifts made pursuant to this clause are 6 are not to be taken into account in the division of the remaining balance of my estate in the clauses listed below.

Note this is an example only, and no changes should be made to your will without seeking proper legal advice.