Why is it important to update my Will and Enduring Power of Attorney now?

I know it is probably the last thing either of you are considering right now amongst the potential chaos, but updating these two very important documents is something that you cannot afford to overlook, particularly if there are children involved. It is a very important step towards the next chapter of your life.

Why have a Will?

Even if you don’t think you have a lot of assets to leave behind to anyone, having a Will is very important. The Will appoints an executor to administer your estate and outlines how your property and personal items should be distributed. 

Why have an Enduring Power of Attorney and Advanced Health Directive?

An Enduring Power of Attorney, is also very important as it allows you to appoint someone you really trust to act and make decisions on your behalf if you lose your mental capacity to make decisions about your personal matters, your health, your finances etc. This is especially important in situations if you were unfortunately incapacitated due to an illness or an accident. You may also want to choose a primary power of attorney and also name a backup in case the primary is unable to forfill their duties.

Another useful document is an Advanced Health Directive which can be made if there are concerns about the form of medical treatment you might receive after you become incapable.

What if I have a Will but it is not updated?

• There can be unintended consequences such as your assets going to unintended beneficiaries, (including your former partner and their family) important details being left out, or taxes being higher than they need to be.

• Certain changes in laws and regulations could make certain provisions of your outdated Will or Enduring Power of Attorney invalid or ineffective.

• You want to avoid potential disputes among beneficiaries and delay the intended beneficiaries getting access to your estate and wasting huge sums on contesting the Will.

• You want to ensure the executor of your own Will is someone you still trust to forfill their duties and carry out your wishes.

• You always need to have an emergency BACK UP plan!

Depending on what your wishes are, this plan can be tailor-made to your circumstances including:

o creating a Testamentary Trust for taxation purposes or asset protection from creditor;

o outlining what medical treatment you want to receive if you were to be incapacitated;

o details of where all your important documents are kept for the executor

o create a wish list for what you hoped for the children in the future and guardianship responsibilities

o appoint someone to manage your finances.

• Potential tax and stamp duty benefits

You can obtain a number of benefits by having an effective estate plan for example setting up a Testamentary Trust within your will which can have significant tax benefits and transfer of titles to reduce or avoid stamp duty being paid.

Make an appointment with our Wills & Estates specialist to ensure you have accurately protected your assets and can fulfill your wishes through an affordable Wills & Estates Package.

Email us today at [email protected]