- Powers of Attorney
- Appointment of Enduring Guardians
- Advance Care Directives
- the consideration of companies, trusts, self-managed superannuation funds and jointly held property in the context of your estate plan
Regardless of the value of your assets or stage of life, it is vital that you have a valid will that accurately reflects your wishes and covers all possibilities.
If you don’t have a valid will, a standard formula will be used to distribute your property and possessions. Usually, this means your assets will pass to your spouse or children. The situation can become more complex if, for example, you are separated but not divorced, or have children from different relationships. Having a valid will is also vital if you wish to leave gifts to friends or charities.
A Power of Attorney is as important for life planning as the making of a will. It enables your financial affairs to be managed according to your wishes when you are unable or do not want to conduct them personally. This might occur when you are unwell, travelling interstate or overseas, or simply do not wish to be burdened with the day to day management of your affairs.
An Enduring Guardian is someone you appoint to make lifestyle, health and medical decisions for you when you are not capable of doing this for yourself. Enduring Guardianship only comes into effect if or when you lose capacity and will only be effective during the period of incapacity. It may, therefore, never become operational. However, it’s a good way to plan for the future and unforeseen situations.