Estate & Life Planning
Estate & Life Planning
Estate & Life Planning
Making a Will
In a will you can:
- Appoint and name the parental guardians for your children.
- Set up a trust to ensure your children’s funds are safe should you pass away.
- Determine the person you want to administer your estate.
- Express your personal wishes regarding your funeral and/or memorial service.
- Give money to charities and/or foundations of philanthropy.
Must I have a will? There is no legal requirement that you make a will.
However, having a will provides a number of benefits:
- The estate adminstration process is faster and cheaper.
- No additional documents need to be obtained (e.g. birth and/or death certificates).
- Everyone knows your wishes.
- You personally determine how your assets are distributed (not succession law).
Power of Attorney
What is power of attorney?
A Power of Attorney is a legal document that gives a person, trustee or organisation the legal authority to act on your behalf to manage your assets and make legal and financial decisions on your behalf.
What types of power of attorney exist?
General power of attorney: Decisions can be made on your behalf while you have capacity.
Enduring power of attorney: Decisions can be made on your behalf even if you lose capacity.
Why would I need a power of attorney in place?
Anything can happen. Situations can arise where we need another person to make decisions for us. Young people as well as older people can all have a need for a power of attorney, it is not exclusive by age.
If you do not have a power of attorney in place, a court or tribunal might appoint someone to manage your finances.
You can also appoint your attorney to manage your finances for many reasons, including:
- You are travelling or moving overseas.
- You lose capacity (temporarily or permanently).
- You want to appoint someone with experience to manage your finances.
- You cannot leave your home due to illness or other personal reasons.
What can a power of attorney do?
- Operate bank accounts.
- Sell and buy real estate.
- Pay bills.
- Manage investments.
- Collect rent.
Your attorney cannot make health care decisions on your behalf. You can however appoint an Enduring Guardian to make healthcare, lifestyle and medical decisions on your behalf.
Asquith Legal can help you to make a power attorney and guide you through every step:
- Discussing why you have need of a power of attorney.
- Whether you want to include any limitations.
- Drafting your power of attorney.
- Witness the signatures under your power of attorney.
- Safely store the power of attorney at no extra cost.
