Wills, Powers Of Attorney & Enduring Guardian
WILLS & ESTATES
Planning for the future is important to allow for peace of mind that your loved ones will be looked after when you’re gone.
Protecting your assets and your family might involve the following measures, which we’re happy to help you organise when you’re ready.
- Property: Identify all property to pass to your beneficiaries and the best process to facilitate this.
- Executor: Choosing an executor to administer your estate after your death.
- Power of Attorney: Granting a person or organisation the power to deal with your assets and financial affairs when you are unable and while you’re still alive.
- Testamentary trusts: Leaving property, including money in a trust, for a specific purpose including tax minimisation or caring for vulnerable people.
- Testamentary guardians: Determining who will look after your children in the event of no surviving parents or court orders stating who the child shall live with.
- Life estates: Giving someone the use of property only during their life.
- Foreign wills: Dealing with assets that are located overseas.
- Superannuation: Creating a plan for your superannuation funds.
- Mirror or mutual wills: Having the same will as your partner or forming a binding contract.
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Frequently Asked Questions
Who should I choose as my executor, and should this be more than one person?
You should choose someone who you trust to properly administer your estate. This person should ideally be younger than you or the same age. Usually, your spouse would be your first choice and then your adult children. You should nominate an alternative executor if your first choice is unable to act. You may nominate more than one executor.
Do I need to prepare a new will if I get married or divorced?
Yes, you do. Generally, when you get married your will is revoked, unless made in anticipation of marriage. Therefore, you need to prepare a new will. Divorce will revoke (cancel) a gift in your will to your former spouse and the appointment of your former spouse as an executor. Therefore, you should review your wills in both events.
Why do I need a Power of Attorney?
You need a Power of Attorney, if you need someone to sign certain legal documents on your behalf, such as documents dealing with your financial affairs. You may appoint someone to act only if you have mental capacity, or whether you have mental capacity or not. You may specify the powers your attorney has and when they may act. They may act on your behalf when you are unavailable to act for any reason including mental capacity. You may revoke your power of attorney at any time unless you do not have mental capacity.
Why do I need an Enduring Guardian?
You need an Enduring Guardian, if you need someone to make lifestyle decisions on your behalf, such as where you may live, and what type of health care you receive. This would only apply in the event you are not able to make those decisions for yourself, such as in the event you suffer an injury, or you no longer have mental capacity. You may specify what those decisions may be, and you may express your wishes as to how those decisions are made.
Who should I choose as my attorney or guardian?
You should choose someone who you trust to act on your behalf. You should choose an alternative person if your first choice is unavailable. You may choose the persons to act jointly or severally.
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