Estate Planning
Wills, Powers of Attorney, and Advance Care Directives help you protect your assets and ensure that your wishes are followed. Our lawyers will help you protect your assets and wishes by listening to you and tailoring their advice to suit your requirements.
Wills
A Will is a document that sets out what you want to happen to your assets when you die. They generally cover issues such as:
- How you want your assets to be distributed;
- Who will care for any of your children until they turn 18;
- Whether you wish for any trusts to be created;
- If you wish to donate money to any charities;
- Plans for your funeral as well and what you want to have happen to your body.
A Will allows you to appoint a person you trust as an executor of your estate. You can appoint one or more executors. They are responsible for finalising for your legal and financial affairs and ensure your assets are distributed in accordance with your wishes.
You may need to change your Will if your circumstances change. These include:
- Getting married;
- Entering into a de facto relationship;
- Getting divorced or separating;
- The birth of children or grandchildren;
- Having a significant change to your financial situation;
- Losing your spouse, de facto partner, or another person named in your Will.
If you die without preparing a legally valid Will, this is called ‘dying intestate’. Your assets may be distributed according to a predetermined formula that does not reflect your wishes.
Although you can use a ‘Do-It-Yourself’ Will kit, it may not meet the legal requirements for a valid Will. The consequences may include conflict between loved ones and difficulties in administering your estate.
Powers of Attorney
A general power of attorney allows you to nominate another person who can exercise control over your financial and legal affairs. This allows the other person to buy and sell property or operate your bank account. It is generally used for a specified period of time such as when you are overseas on a holiday. It will automatically cease when you die or lose the ability to make sound decisions. You may revoke a power of attorney at any time provided you can still make sound decisions.
An enduring power of attorney is similar in that it allows another person to exercise control over your finances and legal affairs. It can come into effect regardless of whether you lose the ability to make sound decisions. Alternatively, it can be written so it only takes effect in the event you lose the ability to make sound decisions. An enduring power of attorney can also be revoked at any time whilst you have legal capacity. To ensure your wishes are respected, you should seek expert legal advice.
Advance Care Directives
An Advance Care Directive is a document that appoints one or more people to make medical decisions on your behalf. It also allows you to write your medical wishes when you are no longer able to make decisions.