Q. Do I Need A Will?
A. Yes. Everyone should ensure that they have a Will. In that way your property will be distributed in accordance with your wishes and not subject to an arbitrary list of persons established by the Government or after costly Court proceedings.
Q. Can I Make A Will?
A. Generally, to make a Will you must be aged eighteen (18) years or over. An exception to this however is a person under the age of eighteen (18) who is married. In this instance, you would be permitted to make a Will with the permission of the Supreme Court.
Apart from simply being over the age of eighteen (18) a person intending to make a Will must be deemed to have “testamentary capacity”, which simply put means you understand what assets you have, who might need to be taken care of under your Will and the effect that the drafting of the document will have.
Q. What Things Should I Consider Before Making An Appointment To Draft A Will?
A. One of the first things to consider when making your Will is who will be your Executor. An Executor is the person who will be responsible for carrying out the terms of your Will. An Executor can be a Spouse, Sibling, Child or another person over the age of eighteen (18) years.
One of your next considerations should be what your estate will consist of and how you wish for it to be distributed. Things you may want to consider include whether there is any particular jewellery, collectables, bank accounts or the like which you wish a specific person to have when you pass.
You should note that some assets, such as superannuation and life insurance, may not be distributed in a Will. It may be that a binding nomination should be made with the specific institution so as to determine where the benefit of these policies are paid.
For people with children under the age of eighteen (18) you should also consider who you wish to look after your children should you pass away while they are still young. This may also mean you should consider and discuss with Adams & Partners Lawyers the best way to plan your estate so as to ensure your children will always be provided for.
Q. What is a Power of Attorney?
A Power of Attorney is a legal document that enables another person to make decisions on your behalf.
A Power of Attorney is a practical and useful legal solution for times when you are unable to make decisions for yourself.
Making a Power of Attorney is a relatively straightforward process and not only does it give you peace of mind, by knowing that you are choosing the person to make decisions on your behalf, it also can avoid costly and complex legal problems if you cannot make decisions yourself.
It is easy to think that a Power of Attorney is not necessary, but with the increasing onset of Alzheimer’s disease in our ageing population and an increase in motor and other accidents, a Power of Attorney is a simple way of minimizing stress for both ourselves and our relatives.
Q. Do I need a Power of Attorney?
A Power of Attorney is a practical legal solution for situations where you either cannot make decisions, or you believe that you may not be able to make these decisions in the future.
For example, if you’re traveling overseas you may want to make a general Power of Attorney. The person you appoint as Attorney can then make financial decisions for you while you are away. This could include selling property or shares or signing a legal agreement.
Another example is where a Power of Attorney is used as a precautionary measure.
You may be about to enter hospital for an operation.
Q. What is an Enduring Guardianship?
Whilst a Power of Attorney assures your financial affairs are looked after, it does not address your lifestyle or health issues that may arise once you are no longer in a position to look after yourself or you lose capacity.
Enduring Guardianship empowers your guardian or guardians to make lifestyle decisions for you once you are no longer in a position to do so.
Decisions such as where you live, what medical or dental treatment should be given to you, as well as other lifestyle issues.