Estate Planning
Estate planning entails more than just having a valid Will, it includes:
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Wills
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Enduring Powers of Attorney
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Appointments of Enduring Guardian
A properly prepared Will and Estate Plan will assist with the Administration of your Estate and can reduce potential disputes after your passing.
Will
Your Will is a legal document which sets out how you want your assets to be distributed after your passing. If you do not have a Will, your assets will be distributed pursuant to the laws of “intestacy”, which may result in your estate being distributed not in accordance with your wishes.
Your Will can:
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Appoint an Executor
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Appoint a Guardian for your children
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Direct how your assets are to be distributed to you beneficiaries
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Direct that assets be held on trust for young or vulnerable beneficiaries
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Direct what age you would like your beneficiaries to receive their inheritance
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Direct how you would like your funeral to be carried out
You should review your Will regularly to ensure it reflects your current position.
Enduring Power of Attorney
An Enduring Power of Attorney authorises a person, referred to as your ‘Attorney’, to make legal and financial decisions for you if you are unable to do so.
Depending on your requirements, you can allow your Attorney to continue making decisions for you if you lose mental capacity for any reason.
Decisions that an Attorney can make might include:
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Buy and/or selling real estate, shares or other assets
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Paying bills
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Providing funds to your spouse and children for their reasonable living expenses
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Managing your superannuation
Enduring Guardian
An Appointment of Enduring Guardian authorises a person, referred to as your ‘Guardian’, to make lifestyle and health decisions on your behalf when you don’t have capacity to make your own decisions.
The appointment only takes effect if you lose the capacity to make healthcare decisions for yourself, for example, due to an accident or illness. The appointment may therefore be temporary or permanent.