Estate planning health check
We all know the importance of keeping our health in check, especially during the current climate. Did you know its also really important to carry out a legal health check specifically in relation to our estate planning.
Estate planning is the process of working out the best way to structure your personal and financial affairs whilst you are alive so that you are looked after during your lifetime, and your personal possessions and financial assets are distributed the way you want when you die.
And this should be reviewed from time to time to make sure it captures your current wishes.
What docs do I need?
A will
An enduring power of attorney
An enduring guardianship
An advanced health directive
What’s a Will?
A Will is a legal document that clearly sets out your wishes for the distribution of your assets after you pass away.
Having a clear, legally valid and up-to-date Will is the best way to help ensure that your assets are protected and distributed how you want them to be.
Studies show that on average 45% of Australians do not have a current Will. If you die without a Will no-one knows who you wanted as your beneficiaries, or who you wanted as your executor (the person you nominate to administer your estate upon your death). Your assets will be distributed according to a set formula set by law, despite what you may have wished.
Your Will is probably the most important document you will ever sign, so it's advisable that you have it prepared by a wills professional.
There are 2 other documents that are an important part of your estate planning, that is you Enduring power of attorney and enduring guardianship.
Power of Attorney
This document gives the person whom you appoint the legal ability to act on your behalf in financial matters such as paying bills and managing money. Your Attorney will stand in your shoes and do all those things which by law you can do.
An Enduring Power of Attorney will continue to operate when a person can no longer make decisions or act on their own. You must appoint an enduring power of attorney before you lose capacity, as once capacity has been lost, you will not be able to provide instructions to prepare this document.
You can decide to limit your attorney’s powers to assist you with certain functions, such as selling your home or liaising with your bank or electricity provider.
You can revoke the appointment and make another appointment at any time, provided you still have the capacity to make such decisions.
Enduring Guardianship
An Enduring Guardian is someone you appoint to make lifestyle and health decisions on your behalf, when you don't have the capacity to make them for yourself.
You decide the areas or ‘functions’ that you wish to give to your Enduring Guardian. They may include making decisions such as where you live, what services are provided to you at home, and what medical treatment you receive.
You can revoke the appointment and make another appointment at any time, provided you still have the capacity to make such decisions.
No Will or time for an Estate Planning Health Check? Here’s what to do…
Give the team at Neilson & Co Legal a call and we will book you an appointment.
• STEP ONE •
In our first meeting, you’ll share your information and your wishes so we are all on the same page.
• STEP TWO •
We then use the information from our initial meeting to create your estate plan for you to sign off.
Your Lawyer will use the estate plan to draft your will/s and any other relevant documents relating to your estate.
• STEP THREE •
We’ll get your documents signed and sorted before you store them in a safe place.
So DO your will. It’s peace of mind. It’s looking after your family.
Without a will you are going to be making an already difficult time more difficult for your loved ones.
It’s time to think about and plan your legacy.