Wills & Estates
Every adult regardless of their financial position should have a Will. It simply means that in the event of your passing there are clear instructions as to how you wish for your Estate (your personal belongings, real estate, etc) are dealt with and to whom your Estate is divided and how.
When a person dies without a Will they are termed "Instestate" which means having died without a Will. This causes a number of problems for family members managing your Estate as the Courts and State Government become heavily involved and ordinarily the Public Trustee would step in to "manage" the Estate and unfortunately they take a "cut" of your Estate for managing it. This is usually around 10% of the total value of your Estate. In other words, for a relatively small cost (usually around $250.00-$300.00) you can:
1. Choose who will be your Executor (the person or people that will actually look after the management and distribution of your Estate)
2. Clearly outline how you wish for your Estate to be distributed to Beneficiaries (people who will receive a portion of your Estate)
3. Whether a particular item such as a piece of jewelry or a motor vehicle/motor cycle etc is to be distributed/given to a particular person
4. Whether there is anything in particular you wish to be taken into account with respect to your funeral arrangements, funeral etc
Where your personal circumstances are more complicated such as where you own a business, are a Director/Shadow Director of a business or have a complicated life situation the cost of preparation of your Will is likely to increase depending on the amount of work involved. This will discussed with you from the outset.
In summary, for the modest cost of getting a Will there are a large number of benefits to you and your family in the event of your passing.
In addition it is important to think about whether you need to look at having a Power of Attorney and Advance Care Directive setup.
A Power of Attorney authorises a person or people to take action and make decisions on your behalf (legally) in the event that you are unable to do so, whether you are overseas on a holiday or in a health situation where you cannot convey your wishes.
An Advance Care Directive deals with medical treatment and care matters and provides the ability for "Alternate Decision Makers" to implement your wishes regarding medical treatment in circumstances where you are unable to convey your wishes, such as in a circumstance where you are in a coma or similar sort of situation.
A Will, Power of Attorney and Advance Care Directive are all about planning for the future. While it's a difficult matter to think about (our death or incapacity) it's important to plan for eventualities to make sure that your wishes and intentions are taken into account both with respect to your personal property, real estate, finances and medical treatment.
We are able to assist you with all of the above and provide guidance and preparation of the documentation needed to ensure that your wishes and intentions are protected now and in the future.
When a person dies without a Will they are termed "Instestate" which means having died without a Will. This causes a number of problems for family members managing your Estate as the Courts and State Government become heavily involved and ordinarily the Public Trustee would step in to "manage" the Estate and unfortunately they take a "cut" of your Estate for managing it. This is usually around 10% of the total value of your Estate. In other words, for a relatively small cost (usually around $250.00-$300.00) you can:
1. Choose who will be your Executor (the person or people that will actually look after the management and distribution of your Estate)
2. Clearly outline how you wish for your Estate to be distributed to Beneficiaries (people who will receive a portion of your Estate)
3. Whether a particular item such as a piece of jewelry or a motor vehicle/motor cycle etc is to be distributed/given to a particular person
4. Whether there is anything in particular you wish to be taken into account with respect to your funeral arrangements, funeral etc
Where your personal circumstances are more complicated such as where you own a business, are a Director/Shadow Director of a business or have a complicated life situation the cost of preparation of your Will is likely to increase depending on the amount of work involved. This will discussed with you from the outset.
In summary, for the modest cost of getting a Will there are a large number of benefits to you and your family in the event of your passing.
In addition it is important to think about whether you need to look at having a Power of Attorney and Advance Care Directive setup.
A Power of Attorney authorises a person or people to take action and make decisions on your behalf (legally) in the event that you are unable to do so, whether you are overseas on a holiday or in a health situation where you cannot convey your wishes.
An Advance Care Directive deals with medical treatment and care matters and provides the ability for "Alternate Decision Makers" to implement your wishes regarding medical treatment in circumstances where you are unable to convey your wishes, such as in a circumstance where you are in a coma or similar sort of situation.
A Will, Power of Attorney and Advance Care Directive are all about planning for the future. While it's a difficult matter to think about (our death or incapacity) it's important to plan for eventualities to make sure that your wishes and intentions are taken into account both with respect to your personal property, real estate, finances and medical treatment.
We are able to assist you with all of the above and provide guidance and preparation of the documentation needed to ensure that your wishes and intentions are protected now and in the future.
