Wills & Powers of Attorney
Having a carefully considered Will and Power of Attorney form an important part of your estate plan. We can help you to create a plan that not only protects your assets and your family but safeguards your interests as you age or if you are incapacitated.
Preparing a Will
Your Will is your voice after you die. It is the legal document which details who should receive your assets (your beneficiaries) and who will have the responsibility of carrying out your wishes (your executor). Your Will can also appoint guardians for your children, if required.
Your Will may be simple, or more complex. Testamentary trusts can help safeguard assets from third-party creditors and protect minors and other vulnerable beneficiaries. The flexibility of a trust can also be advantageous when it comes to taxation matters.
Involving a lawyer to guide you through the process of preparing a Will can help structure your estate to achieve its full potential. We will consider your individual and financial circumstances and important matters such as taxation and superannuation. We will also consider your family situation and take steps, if necessary, to minimise the potential for disputes to arise after you die.
Reviewing your Will and estate plan
A significant change in your personal or financial circumstances generally means you should consider reviewing and possibly updating your plans.
Reviewing your Will is particularly important when:
- you marry, separate, divorce, or start a new relationship
- you have a child or adopt a child
- a beneficiary or executor named in your Will dies
- there is a major change to your health
- you buy or sell property, start a business, or acquire company interests
- you receive an inheritance or windfall
- there are changes to your superannuation, personal insurance, or tax levels
- you become involved in a trust
While your Will may already be drafted to contemplate some of these events, a quick review can identify whether changes are needed to reflect your new circumstances.
Help with managing your affairs
When planning your estate, we recommend preparing documents to help you manage your affairs for convenience, as you age, or if you become incapacitated.
A Power of Attorney is a legal document whereby one person (the donor) grants another person (the donee) the authority to make legal and financial decisions on their behalf. A Power of Attorney can be used in several ways – from having another take care of your affairs whilst travelling, to times of extended illness.
An Enduring Power of Attorney takes this a step further, whereby the nominated donee may continue to manage the affairs if the donor is found to have diminished mental capacity due to injury or illness. This arrangement can remain in place as long as the donor is still alive.
Powers of Attorney can be prepared to come into effect immediately and to continue once the donor suffers a loss of capacity; or to come into effect at a future time (such as the onset of mental incapacity).
To sign a Power of Attorney, the donor must be capable of understanding the nature and effect of the document they are signing. It is therefore important to be proactive and put such documents in place while you are capable of doing so.
An Advance Health Directive is a legal document whereby you grant the right to make decisions in regard to your health and living arrangements to another person. This comes into effect only when you are deemed to have lost the ability to make decisions for yourself. It gives your family the right to speak to health professionals about your medical situation and also to make the decisions necessary to carry out your wishes in regard to certain medical treatment options.
Asset protection and succession planning
Asset protection involves structuring your affairs to eliminate or reduce financial loss and to safeguard property. When planning your estate, there are steps you can take to ensure your assets are protected for future generations and that your estate is left only to those you intend to benefit.
If you own a business, it is important to have a succession plan. Having an ‘exit strategy’ is essential to determine what happens if a certain event occurs such as divorce, unexpected death or illness, disability, retirement, or bankruptcy. Without clear processes to deal with these events, the value of your share of the business may be in jeopardy as well as its ongoing operations.
How can we help?
How is your estate going to be distributed when you die? Who will make decisions on your behalf if you are unable to make those decisions yourself? Do you have a plan that maximises the value of your hard-earned assets and minimises the potential for disputes between your loved ones after you die?
Our experienced lawyers can provide tailored advice and solutions to help reduce the impact of an unforeseen event and prepare a Will that is tailored to your needs, protects the interests of your beneficiaries, and helps preserve and maximise your assets.
If you need assistance, email [email protected] or call 07 3855 8880 for a no-obligation discussion and for expert legal advice.