A will is a legal, written document setting out how your property (your Estate) is to be distributed on your death. A Will appoints who is to distribute your Estate (your Executor) to those who are to benefit from your Estate (your Beneficiaries).
A Will can be made by any person who:
- is aged 18 years or older; and
- has ‘testamentary capacity’.
You should consider making or updating your Will on:
- the purchase or sale of assets;
- births or deaths of Beneficiaries or Executors; or
- on marriage or divorce.
If you die without a valid Will, your Estate may not be distributed in accordance with your wishes and intentions.
Power of Attorney
A Power of Attorney is a legal document granting another person the power to manage your legal and financial affairs whilst you are still alive. If you become unable to manage your own affairs, your assets may be frozen unless:
- you have a Power of Attorney; or
- another person applies to the relevant board, court or tribunal for an order to do so.
A General Power of Attorney may be useful in temporary absences including overseas travel, or whilst serving a sentence of imprisonment, whereas an Enduring General Power of Attorney can continue to operate if you suffer an incapacity including an illness or injury.
An Enduring Guardian differs from an appointment of a Power of Attorney by granting another person the legal capacity to make medical and lifestyle decisions on your behalf. An Enduring Guardian can operate if you suffer an incapacity including an illness or injury.
Please contact us if you wish to make an appointment with one of our solicitors to discuss your requirements in relation to drafting Wills, Powers of Attorney and Enduring Guardians.