Estate and Succession Planning
Wills and Estate Planning:
Our Wills and Estates team is driven to help you draft your new will or review an existing one to ensure that it reflects your every wish. Throughout this process, we can advise on the role of an executor and assist you with the aspects of estate administration, making you acutely aware of the various roles and responsibilities each plays.
We also understand that having to administer a will as an executor can often prove emotionally draining, and as such, our services extend to include aiding with this process and the various steps involved.
What is a Will?
A Will is a legal document that provides direction as to how you wish your assets (including your family home, bank account/s, personal property and insurance policies) to be distributed upon your passing. Under your will, an Executor is appointed to be responsible for your property and to pay all outstanding debts and taxes from the estate funds. They will also be responsible for distributing the net assets of your estate to the beneficiaries of which you nominate.
Through this, an initial consultation enables us to gain instructions about what you would like reflected in your Will, what later enables us to draft and further insert any amendments in your Will should you so desire.
Do I need a Will?
Drafting a Will can often be a lengthy process; however, it remains necessary to ensure that your every wish is reflected. If you were to pass away without a valid Will, your family would need to decide on who would administer your estate, thus becoming “the Administrator.”
Furthermore, your Administrator would be required to distribute your estate according to the laws of intestacy, otherwise the Succession Act 1981. In doing so, what is prescribed by statute differs significantly from what you may have desired.
Our team can take you through each step needed to ensure that your will encompasses exactly what you want it to.
Can I Review and Update my Will?
After making a valid Will, it is important that you regularly review it and ensure that it accurately reflects your current circumstances and wishes. We recommend that you check your will every few years or if one of the following were to occur:
- Death of an executor;
- Death of any beneficiary;
- Birth of a child or grandchild;
- Marriage, Divorce or separation; and
- Changes to your financial circumstances.
Regardless if any of the above were to occur, you are free to alter your Will at any time that you desire. If any of your circumstances were to change, we recommend that you contact our Wills and Estate planning team that can provide comprehensive and cost-effective advice.
Power of Attorney:
As a legal document, a Power of Attorney enables you to appoint another person/s as your attorney, allowing them to make health and financial decisions and sign documents on your behalf.
General Power of Attorneys:
Upon appointing someone as your “attorney,” you in effect grant them the legal authority to make decisions on your behalf. Such a document becomes increasingly convenient if you were to become absent, such as when you travel overseas. This legal power, however, is not without limits, with the document being able to reflect what type of decisions the Attorney can make and for which they can be responsible.
Enduring Power of Attorney:
Differing slightly, an Enduring Power of Attorney enables an appointed Attorney to make both financial and personal and health matter on your behalf. Most importantly, this document endures in the event that you become physically or mentally incapacitated, whereas a General Power of Attorney would cease if such were to occur. Again, these powers can be limited to reflect your wishes, with the powers themselves able to be open-ended or limited if you lose the capability to make decisions for yourself.
Who can be my Attorney?
Any adult person or persons can be appointed as your Attorney/s. However, it is important that you carefully consider who you wish these appointees to be. Generally, either your spouse, family members, friends, or a combination of such are appointed. However, your paid carer or health-care provider are unable to be your Attorney/s.
Can I change my Power of Attorney?
At any time, you can revoke or cancel your existing Power of Attorney and subsequently establish a new one, thus better reflecting your wishes. We recommend that you review your Power of Attorney every 3 to 5 years and also whenever your circumstances change.