This is designed for a married or de facto couple where each partner leaves their entire estate – aside from optional gifts of personal items and charitable donations – to the other partner. If your partner passes away before you, you can choose whether the assets will flow either to your partner's children or your own. If neither of you has any children, you can specify “Reserve Beneficiaries” who will receive the assets. These are smarter wills that include testamentary discretionary trusts.