Estate planning is a subject that we don’t like to think about but in its simplest form it is just about ensuring peace of mind. It is about making sure that the investments you make now are passed on to your family or beneficiaries in the most effective way.
Developing an effective estate plan will ensure that:
With family units becoming more complex, estate planning has become even more important in today’s society and often can involve more than a simple will. It can be quite a complex area and it is recommended that you seek professional advice to assist you with implementation once you have considered your options.
Death might not be something you want to think about but you want to ensure that you leave your hard earned property, cash and other valuables to the people that you love. This is the ultimate reason why it is worth spending time to analyse how your property is going to be distributed and this means making a will.
The following information on wills is general in nature and should be taken as a guide only. There are differences in the law in different states in Australia and you should ensure that you are aware of the requirements for Wills in your state.
Power of Attorney
A Power of Attorney is a document which allows you to appoint another person (called the attorney) to act on your behalf. The attorney then has legal authority to conduct your affairs in the event of your inability to do so. Preparation of Powers of Attorney can be prepared at the same time your Wills are prepared, and by the same solicitor or legal adviser. If you are going to be unable to conduct your affairs in your normal way, you may need to appoint someone else to do things for you. A Power of Attorney is an important legal document and it is strongly recommended that you get legal advice before signing one.