Wills & Estate Planning
Wills & Estate Planning
Wills are an important legal document that outline your intentions once you pass away.
You’ve worked all your life to build what you have. So, it is important that you don’t let your hard-earned legacy go to waste.
If you’re thinking about writing a new Will or exploring options for estate planning and the decisions you make, it is worth accessing high-quality legal advice.
Estate planning is the process of allocating and distributing your affairs and assets once you pass away.
An effective estate plan can relieve your loved ones of some of the stress and grief that occurs during this difficult time.
The process involves the creation of a Will, the nomination of a power of attorney and appointment of an enduring guardian.
Estate planning is an important exercise for keeping your wishes current and in line with your changing circumstances.
Choosing an Executor
An executor is tasked with carrying out your legal affairs. Typically, the process begins with a Grant of Probate. This occurs when the Supreme Court confirms the validity of a Will and the executor’s authority to begin administering the estate.
The probate document involves a cover page, a copy of the verified Will and an inventory of the deceased person’s assets, property, and financial records.
Power of Attorney
One of the biggest decisions you will make in the Wills and estate planning process is the appointment of a power of attorney.
Across NSW, a power of attorney is used to appoint someone who can make sensitive financial decisions on your behalf. This may include operating your bank accounts or managing properties.
Enduring powers of attorney is a big responsibility. As such, it is crucial that you discuss your wishes with your loved ones to avoid any stress or unnecessary conflict.
These documents should be arranged through a trusted lawyer with deceased estate knowledge.
The appointment of an enduring guardian is a big decision. This person has the ability to make decisions surrounding your health and living circumstances.
It is an important part of Wills and estate planning and should be considered carefully. An enduring guardian could make decisions about the medical treatment you receive, where you live, and what services you have access to.
Part of this conversation is about trusting another person to make sensitive decisions. However, it is also about transparency and a discussion about your wishes once your life begins to decline.
By having these tough conversations, it will ease the stress on behalf of your family once you pass away.