Estate Planning
Estate Planning
Whatever your stage of life or the complexity of your affairs, it’s important to be prepared for the future. We can assist you with your estate planning, including the preparation of:
- Wills (including Wills incorporating testamentary trusts)
- Enduring Powers of Attorney
- Appointments of Enduring Guardian
We will provide you with expert advice tailored to your personal circumstances.
Will
Your Will is a legal document which sets out your wishes for the division of your assets after your death. If you die without a valid Will, then your assets will be divided according to the laws of intestacy contained in legislation. These rules may not reflect your wishes.
We can prepare a Will for you which:
- appoints an executor responsible for administering your estate if you die
- (if applicable) appoints guardians of your children
- details how your assets should be distributed among your chosen beneficiaries
- where appropriate, directs that assets be held on trust for young or vulnerable beneficiaries
- specifies the age when you would like your beneficiaries to be able to control their own inheritance
- provides the option for certain beneficiaries to receive their inheritance in a testamentary trust (rather than as a direct gift), which may provide significant tax benefits and assets protection benefits for the beneficiary
In addition to drafting your Will, we can also provide you with advice regarding other matters including, if relevant:
- who will receive your superannuation and life insurance if you die
- what will happen to your family trust and any private company owned or controlled by you
- steps which can be taken by you to minimise the risk of someone challenging your Will or bringing a successful family provision claim against your estate
We recommend that you review your Will on a regular basis to ensure it reflects your current personal and financial circumstances.
Recommended Leading Wills, Estates & Succession Planning Law Firm in 2019, 2020, 2021 + 2022, 2023
Enduring Power of Attorney
An enduring power of attorney allows you to nominate one or more persons (referred to as ‘attorneys’) to manage your legal and financial affairs. Your attorney’s power to manage your affairs will continue if you lose mental capacity for any reason.
We have expertise in drafting bespoke powers of attorney which are suitable to your circumstances. For example, it may be important to give your attorney power to act on your behalf to:
- buy and sell real estate, shares and other assets
- operate your bank accounts
- manage your superannuation and other investments
- pay your bills
- spend your money
- confer benefits on your spouse and children for their reasonable living and medical expenses
We can also include appropriate conditions and restrictions on your attorney’s power. For example, you may wish to restrict your attorney’s power to sell your family home or to alter who you have named as the beneficiary of your superannuation.We have expertise in drafting bespoke powers of attorney which are suitable to your circumstances. For example, it may be important to give your attorney power to act on your behalf to:
Appointment of Enduring Guardian
An appointment of enduring guardian allows you to nominate one or more persons (referred to as ‘guardians’) to make medical, lifestyle and accommodation decisions on your behalf.
The appointment will only be effective if you become totally or partially incapable of making healthcare decisions for yourself, for example, due to an accident, disease, serious illness or injury.
Depending on your medical condition, you may require temporary assistance from your enduring guardian, or you may need permanent support.
We have expertise in drafting bespoke appointments of enduring guardian which are suitable to your circumstances and reflect your wishes. For example, you may wish to give specific directions to your enduring guardian regarding your healthcare and accommodation such as specifying that you would like to be cared for in your home rather than be placed in a nursing home or other care facility. You can also specify the circumstances in which you would like to cease receiving medical treatment and to receive palliative care only (for example, if you are in the terminal phase of an incurable or irreversible illness or in a persistent vegetative state).
You may also like to restrict the areas of your life in which your guardian can make decisions.
