WILLS & POWERS
OF ATTORNEY

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WILLS & POWER OF ATTORNEYS

What is a Will?

A will is a written document that sets out how a person wishes their assets to be distributed to their beneficiaries (usually family or loved ones) following that person’s death.

1

Why should I have a Will?

It is important that you have a Will so you can direct how your assets are to be distributed.

If you do not have a Will when you die, you create an ‘intestacy’. This means that your assets can only be distributed in accordance with the laws of intestacy.

2

What are the requirements of a valid Will?

There are a number of requirements in order for a Will to be valid:

  1. The will maker must understand what is in the Will, and approve of its contents;
  2. The Will must be in writing;
  3. The will maker must sign the Will in the presence of two witnesses;
  4. The two witnesses must sign, and acknowledge the will in the presence of the will maker; and
  5. The will maker must have the intention of making the Will.
3

Reviewing and amending an existing Will

It is important that you review your Will especially if there has been a change in your personal or financial circumstances. For example, you may have been recently married, or divorced and re-married and want to update your will.

Your Will can be changed by either making a new Will or creating an amending document to your Will (a ‘codicil’).

Estate Lawyers has experience in amending wills so that they accurately reflect your new wishes.

4

Drafting a Will

The law of Wills has many pitfalls and it is vital that obtain proper advice. It is one of the most important documents you will ever sign. It is essential that Wills are properly drafted to reflect the wishes of the person making the Will.

Estate lawyers consider all of your asset structures to make sure that your assets are passed to the beneficiaries of your Will.

POWER OF ATTORNEY

What are Powers of Attorney?

You may wish to appoint someone to ensure your wishes are carried out should you become incapacitated and unable to manage your own affairs.

Powers of attorney are legal documents that allows you to appoint another person to make decisions for you or the person can support you and give effect to your own decisions.

What are the types of Powers of Attorney?

There are 4 main types:

1

General non-enduring power of attorney;

(this power is used for a specific purpose or a fixed period of time).

2

Enduring power of attorney;

(this power continues (endures) even when you lose capacity and cannot make
decisions for yourself)

3

Supportive attorney;

(this power allows the person to communicate your decisions and to give effect to (act on) your decisions.)

4

Enduring power of attorney (medical treatment)

(this power allows the person to decide whether to consent to medical treatment, and he or she can refuse medical treatment on your behalf. However, the person can only act if you are unable to make your own decisions about medical treatment).

How can we help?

Choosing the right powers of attorney and the right people to appoint is an important decision. Our lawyers can discuss each of the different types of powers of attorney with you and ensure that you make the right choice.

GET IN CONTACT TODAY

Call us now for a free no obligation appointment with our experienced professionals at Estate Lawyers on (03) 9088 3185 or email us at [email protected]