Preparing an Estate Plan and Will is one of the most important documents you will deal with in your lifetime and without professional advice, you could unintentionally leave your family with very complicated, difficult and expensive family law issues to resolve.
An up-to-date Estate Plan or Will allows you to;
- Decide how your assets will be distributed after your death;
- Choose who you want to manage the distribution of your estate;
- Provide for your family as you wish;
- Possibly save money on tax;
- Ensure your Superannuation and Life Insurance is dealt with as you wish; and
- Ensure any trusts or companies are properly managed.
Just as important as a Will is a Power of Attorney. A Power of Attorney is a legal document authorising another person to act on your behalf in managing your affairs. There are two types of Powers of Attorney;
- General Power of Attorney. If you give someone General Power of Attorney, that power will come to an immediate end if you lose capacity; and
- Enduring Power of Attorney. If you give someone an Enduring Power of Attorney, this means that he/she is able to continue to act as your attorney even if you lose capacity.
Often we review this at the same time as when discussing Wills.
In addition to your Will or Power of Attorney, you can consider an Advance Health Directive. This document states your wishes or directions regarding your future health care for various medical conditions. Your doctor will need to complete certain sections of this form, so it is important to discuss your intentions with them.
An Advance Health Directive comes into effect only if you are unable to make your own decisions, and speaks for you when you are not able to speak for yourself.
WILLS, they aren’t always as simple as you may think they are. Yes, there are will kits around and you could save yourself money by doing it yourself. But have you included everything in your Will? Do you know the law in relation to Wills and Estate Planning, do you know how to draft the documents to ensure that your wishes are properly and accurately reflected in the documents that you sign. These are some of the questions to ask yourself.
Here at Aylward Game Solicitors, we have the experience to ensure you have properly addressed all your wishes. For example, gifts, have you ensured those collectable stamps will be left to the right person. Has your superannuation been set up correctly and do you understand how it is treated when it comes to your estate? It could be a simple Will or it could be a complex one and unless you speak to a professional, you may miss that crucial information. When you instruct us to take care of your Will preparation on your behalf, you will have the peace of mind of being aware that the complex issue has been handled efficiently and is also written in a language you understand.
We will even safely store the documents for you as an extra service at no additional cost. So contact Aylward Game Solicitors today and get your Will and Estate Plan reviewed prepared professionally to give you peace of mind. We will also visit you if required.
Preparation of General Powers of Attorney
A General Power of Attorney is a document you can use to appoint someone to attend to your affairs (like financial decisions) when you are unable to for example, ie, if you were overseas. It is often used for a specific period of time or event such as selling a house. It is only used while you still have the capacity to make decisions. Once you lose the capacity to make decisions, the General of Power of Attorney ends.
Aylward Game Solicitors can assist you to decide who you are going to appoint as your attorney and help you through the procedure of what powers to provide the attorney and make ready the documents for you as well as witness your signature.
It lets you appoint individuals who you know and trust to make prudent decisions on your behalf. It is critical to choose the right people and to ensure that you give them the right powers at the time that they will need to use them.
Preparation of Enduring Power of Attorney
An Enduring Power of Attorney is a document that allows you to appoint an attorney or attorneys to act on your behalf for the purpose of financial and personal matters. It can come into play straight away, a certain date or when you lose the capacity to make your own decisions.
The power to make personal decisions made by your appointed attorney will only commence once you have lost capacity.
Aylward Game Solicitors can help you decide who is the best person to be your attorney to make these decisions then get the documents ready for you as well as witness your signature.
Enduring Powers of Attorney are often attended to at the same time as discussing your Will.
It is also very important that if you have an Enduring Power of Attorney and are making changes, then you sign a Revocation of Enduring Powers of Attorney to properly revoke all previous Enduring Powers of Attorneys.
An Advanced Health Directive is a document that states your wishes or directions regarding your future health care for various medical conditions. It comes into effect only if you are unable to make your own decisions.
You can make an Advanced Health Directive if you are over the age of 18 and have the capacity to do so.
You can make an Advanced Health Directive at any time, however, it may be particularly important to consider one if:
- You are about to be admitted to hospital;
- Your medical condition is likely to affect your ability to make decisions;
- You have a chronic medical condition that could result in serious complications, for example, kidney or heart disease.
It is important to discuss this with your doctor, as part of the Advance Health Directive Form must be completed by a doctor. It is also important to discuss your wishes with your family.
You can change or revoke your Advanced Health Directive at any time, provided you still have the decision-making capacity to do so. It is recommended that you review your directive every two years, or if your health changes significantly.
Brisbane Estates Administration
When you are faced with the work of administering an estate as the executor, you may keep away stress, avoid complications and the time it will take by hiring Aylward Game who can take care of the process on your behalf. You remain in control, but Aylward Game will handle all the difficult matters for you.
If there is no will we are able to advise and assist you in relation to the intestacy rules and if necessary we can prepare and submit the application to the Supreme Court of Queensland for the grant of letters of administration.
We will prepare the application to the Supreme Court of Queensland for the grant of probate when one is needed and help you concerning intestacy rules if and when needed. We may prepare plus submit your application to the Supreme Court of Queensland for grant of letters of administration.
For advice and help concerning the Estates Planning Administration, Wills and Enduring Powers of Attorneys, you may contact Ian Field on 1800 217 217 today at Aylward Game Solicitors.