Wills and Estates: Planning for the future
Why should I have a will?
Everyone should have a will. Wills enable you to choose where your assets will go when you pass away. A well drafted will allows your estate to be administered efficiently and your wishes to be fulfilled.
In many cases where a person dies without a will (referred to as 'dying intestate') the costs of obtaining a court order to have their estate administered can be significantly higher than if that person had made a valid will.
Many people use will kits to make their will. This can be problematic, as there are established rules for making, understanding and interpreting wills. A poorly drafted or ambiguous will can mean that the families and friends of the deceased end up in court, which is often a long, drawn out and painful process.
Our solicitors are trained in wills and estate matters. They have the expertise to effectively draft wills that anticipate future issues and give effect to the testator’s wishes.
What is a power of attorney?
A power of attorney is an important legal document that allows a person, Person A, to authorize another person, Person B, to act on their behalf in relation to Person A’s finances and property.
There are two types of power of attorneys. One type is where the power of attorney operates whilst the person giving the power is in full capacity and is managing their affairs. This can be beneficial where someone is going overseas for a period of time, and needs someone else to manage their affairs whilst they are away.
The other type of power of attorney, an enduring power of attorney, continues to operate when the person giving the power no longer has the capacity to look after their own financial affairs. For example, a stroke may incapacitate someone, and if they have an enduring power of attorney, their attorney can continue managing their finances and property interests.
What is an enduring guardianship?
Many people do not realize that a power of attorney does not authorize an attorney to make medical decisions. An enduring guardianship allows Person A to authorize Person B to make medical and other personal decisions on their behalf, if Person A becomes incapacitated in some way.
Why should I have a power of attorney and an enduring guardianship?
You never know what is around the corner. It is always better to be prepared and plan ahead. An enduring power of attorney and an enduring guardianship allow your friends and family to assist you in the case of you being unable to look after yourself and your personal affairs.