Wills and Powers of Attorney

Wills - Powers of Attorney
The best way to ensure your wishes are followed after your death is to record your wishes and directions in a Will. You should also make sure you have someone that you trust legally appointed to act as your Attorney if you are unable to make decisions for yourself. We can help you with both.

Wills

A Will is a legal document setting out how your assets are to be divided and distributed on your death. The directions in your Will identify and appoint an executor or multiple executors who are responsible to administer your estate, manage your assets and carry out your directions.

If you do not have a Will when you die your assets will be divided in accordance with the most current legislation. The legislation will not necessarily divide your assets in the manner you may wish. If you do not have a Will on your death this can cause more unnecessary stress and complications for your loved ones at a time that is already emotional.

It is really important to ensure you have a current Will at all times, especially if you have assets, dependents or very specific wishes. You can make a direction in your Will as to who should be the legal guardian of your minor children in your place.

It is equally important to ensure that your Will is kept up to date if your personal circumstances change. For example you should consider updating your Will when you enter into a relationship or get married, or when a relationship dissolves, when you acquire valuable assets, when you have children or acquire a new business.

There are certain rules about who should be provided for in your Will. If you have estranged family members and do not wish to provide for them in your Will you need to ensure that this is documented appropriately. Our team can discuss your specific circumstances and can advise you on all matters relating to Wills.

Powers of Attorney

A Power of Attorney is a legal document appointing someone else to act in your place if you are unable to act for yourself. You can also appoint Substitute Attorney’s to step in if your first Attorney cannot act for any reason.

There are two types of power of attorney:

  1. An ordinary power allowing someone else to act on your behalf generally and with your permission, such as if you are out of the Country. You can also appoint someone to act for you in your role as Trustee of a Trust and in your role as Director of an Incorporated Company.
  2. An enduring power allowing someone to act on your behalf with your permission and to continue to act if you lose mental capacity. There are two types of enduring powers of attorney:
    a.  Enduring Power of Attorney in relation to Property – This relates to your personal assets, real estate, bank accounts and anything else in your personal name.
    b.  Enduring Power of Attorney in relation to Personal Care and Welfare – This relates to decisions about the care and treatment you receive if you have lost capacity to make those decisions yourself.

We recommend that you have each of these documents in place to complete your asset and Estate Planning. Your preparation and organisation now will mean that the burden on your loved ones is minimised in the event you lose capacity or pass away.

A Power of Attorney is a legal document appointing someone else to act in your place if you are unable to act for yourself. You can also appoint Substitute Attorney’s to step in if your first Attorney cannot act for any reason.

There are two types of power of attorney:

  1. An ordinary power allowing someone else to act on your behalf generally and with your permission, such as if you are out of the Country. You can also appoint someone to act for you in your role as Trustee of a Trust and in your role as Director of an Incorporated Company.
  2. An enduring power allowing someone to act on your behalf with your permission and to continue to act if you lose mental capacity. There are two types of enduring powers of attorney:
    • Enduring Power of Attorney in relation to Property – This relates to your personal assets, real estate, bank accounts and anything else in your personal name.
    • Enduring Power of Attorney in relation to Personal Care and Welfare – This relates to decisions about the care and treatment you receive if you have lost capacity to make those decisions yourself.

    We recommend that you have each of these documents in place to complete your asset and Estate Planning. Your preparation and organisation now will mean that the burden on your loved ones is minimised in the event you lose capacity or pass away.

Powers of Attorney

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