Wills

Enduring Powers of Attorney

Estate Administration


Wills

What is a Will and why do you need one?

A Will is a legal document, which states your final wishes in relation to the distribution of the estate, guardianship of children, etc. It also ensures that a person of your choosing administers the estate.

What happens if you die without a Will?

• Your estate may not be distributed in the way you would have wanted;
• A Public Trustee may be involved in administration of your estate, leaving relatives to deal with a bureaucrat rather than the person you would have chosen to sort out your affairs;
• Further legal steps may be required which may be more expensive than otherwise necessary ; and
• There may be delays in the release of funds to beneficiaries.

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Enduring Power of Attorney

What is an enduring power of attorney and why do you need one?

There are circumstances, where you may be away for a long period of time or unable to make decisions in relation to your affairs due to illness or age.

This document appoints an Attorney to make decisions in relation to your financial affairs or health matters (or both) at any time you are unable to. You can appoint one or more attorney and specify when their power begins, and what they may do for you.

The Attorney must act in your best interests and you are of course able to continue to making your own decisions whilst you have the capacity to do so.

What happens if you are become incapable of managing your affairs?

If you to not have an Enduring Power of Attorney, your affairs will remain ‘in limbo’ until capacity is regained or an Order for guardianship is obtained. People often think that their partner automatically has authority to act for them because “It’s all in joint names” . Not true!

Becoming incapacitated where you have failed to appoint someone to act for you under an enduring power of attorney can create even bigger problems for your family, than dying without a will.

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Estate Administration

When a loved one passes away, the finalization of their affairs needs to be taken care of by an Executor or Administrator.

The process will differ greatly depending on the size of the estate and whether the deceased left a valid Will. If the assets of the estate are significant, most times financial institutions will require either a Grant of Probate or Letters of Administration be obtained from the Supreme Court in order for them to release funds.

If property is held as joint tenants, then the property can be transferred to the surviving tenant in a simpler process.

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More Articles of Interest on Wills and Estates.

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