What is a Will?
A Will allows you to:
- Appoint a trusted person to manage your affairs after you pass away (Executor).
- Gift all of your belongings and assets in accordance with your wishes (Beneficiaries).
- Nominate alternative Beneficiaries in the event any beneficiary passes away before you.
- Appoint someone to care for any minor children (Guardian).
It is important to have a Will regardless of the nature of your asset structure or personal circumstances.
It is often a long and needlessly complicated process to finalise someone’s affairs if they did not leave a Will, and it is much less stressful for those you leave behind if you have a Will in place.
A change in your personal and financial circumstances is an important time to make a Will or review your current Will.
What is a Power of Attorney?
A Power of Attorney is a document that operates during your lifetime and allows you to appoint an Attorney who is authorised to manage your legal and financial affairs.
You can decide when your Attorney can commence acting on your behalf, such as immediately, or only upon you being unable to manage your own legal and financial affairs as a result of incapacity.
Your Attorney can manage your finances and sign documents on your behalf. They cannot change your Will, or use the Power of Attorney to benefit themselves in any way.
Your Attorney should be someone who is trustworthy, and who can be available to assist you if required.
If you do not have an Attorney appointed and you become incapacitated, your family will need to undergo a lengthy and complex process with the Guardianship Division of NCAT to apply to be appointed as your financial manager.
What is an Appointment of Enduring Guardian?
An Appointment of Enduring Guardian is a document that operates during your lifetime and allows you to appoints a Guardian who is authorised to make health and lifestyle affairs on your behalf.
Your Guardian is only authorised to make decisions on your behalf if you become incapacitated and can no longer make your own decisions.
Your Guardian can make decisions about where you live, what healthcare and personal services you receive, such as home care or shopping services) you receive. Your Guardian can consent to medical treatments, have access to your medical records and depending on the scope of power you have given them, a Guardian can refuse consent to medical treatment in certain circumstances on your behalf.
If you do not have a Guardian appointed and you become incapacitated, your family will need to undergo a lengthy and complex process with the Guardianship Division of NCAT to apply to be appointed as your guardian.