Are you one out of the large number of people who have never made a Will?
In today’s society changes are occurring everyday and uncertainty exists. Health issues are on the rise, business and investments are becoming more complex and blended families are forming. The risks of not having a Will are great. Many people assume that in the event of death, their estate will automatically pass to their spouse or children in the absence of a Will. However this is not always the case, such as in situations involving de facto spouses. Others also wrongly assume that a verbal agreement regarding the distribution of their assets is sufficient. Situations like these often result in more legal costs, time and stress when trying to distribute property to the people whom you intended to benefit.
If you are over 18, own a car and have accumulated savings and superannuation, or sentimental items, then it is in your best interests to have a Will prepared. This will ensure that you deal with any property and obligations; any specific wishes such as funeral arrangements the appointment of guardians for infant children; and the appointment of executors and or trustees. Most importantly however, a Will, will provide certainty and protection for you and your family.
A Will, will have legal force after your death. However if you wish to appoint someone to act on you behalf while you are alive, you may appoint a power of attorney. A power of attorney must be someone you absolutely trust who can deal with your financial and legal affairs only. This person can be appointed for a limited time, or until death or mental incapacity. When you die, your power of attorney automatically ceases. If you wish to have an attorney in case you become of unsound mind, you must then make an enduring power of attorney. If you wish to make a power of attorney you will need to consider who you wish to appoint and their specific powers.
Where a person suffers from a mental incapacity, a guardian may be appointed under an enduring power of guardianship. This person may only make decisions regarding personal and health care matters such as where a person should live, recreation decisions or consenting, or refusing to consent to medical treatment. If you are over 18 and there is a family history, or other evidence of disorders or diseases that may predispose a person to a higher incidence of becoming mentally incapacitated, it is recommended that you make an enduring power of guardianship.
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