Good legal advice is crucial to proper estate planning – and includes:-
A Will is a legal document which, as far as possible, ensures that after your death your assets are distributed according to your wishes.
Your Will can cover all assets in your name – but doesn’t necessarily cover life insurance or superannuation.
You appoint an Executor to distribute your assets to beneficiaries (those you choose to receive your assets).
The role of Executor can be demanding and complex, requiring financial and legal knowledge – so this appointment should be considered carefully.
Our firm will assist with preparation or review of a Will to ensure your assets are distributed – as you intend.
Enduring Power of Attorney
An EPA is a legal document authorizing your Attorney (a trusted friend or relative) to act on your behalf. You can give your Attorney the power to deal with all OR any part of your financial, personal and health matters. Preparing an EPA is a convenient way of appointing someone to handle your affairs if you:-
- travel overseas OR take an extended holiday
- suffer poor health
- need greater assistance – due to age or incapacity
Knowing you have an attorney capable of dealing with your affairs when you are absent or incapacitated gives you peace of mind.
While a Will operates at your death, an Enduring Power of Attorney operates during your lifetime.
Advance Health Directive
An Advance Health Directive is a document which allows you to give directions about your future health care – should you lose the capacity to make decisions. Seek your doctor’s advice to help complete an Advance Health Directive.
When someone passes away (with or without a Will) and adequate provision for the maintenance and support of their spouse, child or dependent is not provided they can apply to the Court for provision from the estate.
This may disadvantage other parties – and consequently delay administration of the estate. Preparing an Estate Plan can avoid these negative outcomes.
An Estate Plan ensures legal or financial matters such as complex family situations; business partnerships or tax requirements are identified and considered. This helps your family and friends receive benefits from your estate without unnecessary legal or emotional problems.