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myprosperity’s new estate planning feature makes it easy for advisers to help their clients get a will and pull together an Executor Kit.

What’s included?

The feature has 3 core elements:

The Will Wizard

The Will Template

The Executor Kit Wizard

The Will Wizard

The Will Template

The Executor Kit Wizard

  1. The Will Wizard which comprises a series of basic questions designed to gather information about a client’s desired beneficiaries, legal guardians, and executor.
  2. A pre-populated will, built on a template provided by established estate planning law firm View Legal, with the responses given by the client through the Will Wizard.
  3. The Executor Kit Wizard, which collects and organises the client’s financial data held within myprosperity. The resulting document can be found in the client’s wealth portal and contains the client’s instructions and wishes for the executor to carry out.

Please note: while the Will Wizard and automated will feature are available on all client subscriptions, the Executor Kit is only available to clients on Pro.

How does it work?

The feature is designed to be simple to use both for you as an adviser and for your clients.

Step 1: Enable the Will wizard and nominate your partner law firm.

You can choose between the default law firm – View Legal – or nominate your own. If you want to provide your clients with a pre-populated will, you must select View Legal.

Step 2: Encourage your clients to complete the Will Wizard.

They can access the Wizard in the myprotection section of their wealth portal.

Step 3: Generate a will.

  1. If you’ve opted for View Legal: the Wizard will either generate a pre-populated will for your client to review and sign, or, should the client’s personal situation require a more in-depth assessment, the Wizard will trigger an email to both you and View Legal with the client’s responses. It’ll be up to you to either finalise an agreement with View Legal so they can provide a will to your client, or send the information on to the law firm of your choice.
  2. If you’ve nominated an alternative law firm: the Wizard will trigger an email to the email address you’ve entered for that law firm, asking them to contact the client directly to arrange a will.

Step 4: Help your client get an Executor Kit.

The Executor Kit is not a legally binding document but, by collecting and organising the client’s financial data and estate planning wishes, it does help make things as easy as possible for the executor to administer their estate.

If your client is on a Pro subscription, both the will and the Executor Kit can be found in the myprotection section of their wealth portal. The Executor Kit will appear within the will , after a will has been generated. If the client is on Starter, the will will be emailed to them. Should the client have entered a spouse, the Wizard will automatically generate a complementary will for their spouse, mirroring the information in the client’s will.

Expert Tip:
The Executor Kit is a great opportunity for you to ensure your client’s wealth portal details are up to date; indeed, the Executor Kit Wizard prompts them to review and, if needed, update all of the information they’ve provided thus far.

If an automated will is not generated by the Wizard, estate planning services provided through View Legal or your nominated legal partner will be at the client’s own cost.

How do I enable the Will Wizard?

To enable the Will Wizard, navigate to Configure > Will Wizard in your partner dashboard. You must be an Owner or Account Administrator to view that section. Tick the box for “Enable Will Wizard” and select your will provider.

You can choose our default estate planning partner, View Legal, or you can nominate a law firm of your choice. To ensure your clients can generate a pre-populated basic will, select the View Legal option.

Expert Tip:
If you decide to nominate a partner law firm that isn’t View Legal, it’s a good idea to reach out to your legal partner and let them know, so they can expect emails from myprosperity.

What if my client already has a will?

If your client already has a will, they can upload it directly to the myprotection section of their wealth portal, so long as they are on a Pro subscription. Clients on Pro can also get an Executor Kit through the Executor Kit Wizard.

For more information on View Legal, the standard will template and the generated wills, click here or email solutions@viewlegal.com.au.

For more information on the Will Wizard, visit the Will Wizard support page on the client support knowledge base.