Will
There is no one answer about how to do your Will. It all depends on your assets, your circumstances and who your beneficiaries will be.
You need to make a will that makes your wishes clear, that avoids confusion and conflict amongst your loved ones, and that is legally valid and binding. Doing this will protect your family and friends from costly and stressful legal disputes.
Things you need to consider
Who will be your Executors?
Your Executors have the legal and administrative task of sorting out your assets and debts after you die and making sure that your wishes as outlined in the Will are upheld.
Who will be your beneficiaries and what effect will their inheritance have on their circumstances?
You can designate anyone as a beneficiary and distribute your assets in any way you like, however, if you don’t provide for your family and dependents, your will can be contested and your hard-won assets used on litigation fees.
You also should consider the effects that an inheritance may have on your beneficiaries. In some cases, a testamentary trust can sidestep potential taxation problems, so it’s important that you get specific advice about your situation.
How do you know a Will is valid?
To be valid, the person making the Will must be mentally competent, the Will must be correctly signed and witnessed, and show no evidence of tampering. The witnesses to the Will cannot be beneficiaries, or related to beneficiaries and must be over 18.
If there is any doubt or potential for dispute as to your mental competence, you should get a doctor’s confirmation of your capacity to make the will and include it with your Will.
How often should I review my Will?
You should certainly review your Will after any major events, such as marriage, divorce, property purchase or sale, a death of a beneficiary or if your assets change significantly. We also recommend that you take a look at your Will every couple of years just to make sure that it is still the best instrument for you and for your family.
We can help
We know the potential pitfalls, and will ask you all the right questions to make sure that you have considered every possibility. We can advise you as to whether you would be best with a Will or a Testamentary Trust. We can design your Will in such a way to help protect your family from expensive estate litigation after your death and we can safely store your Will in our secure vault.
Power of Attorney
Zora Law can help you with the four types of Powers of Attorney used in Victoria:
- General Power of Attorney which appoints someone to make financial and legal decisions on your behalf for a specific period of time, for example, if you are overseas and need someone to manage your financial affairs while you are away.
- Enduring Power of Attorney (Financial), which is used to appoint someone to make legal and financial decisions for you in the event that you lose the capacity to make those decisions yourself.
- Enduring Power of Attorney (Medical Treatment), which is used to appoint someone to make medical treatment decisions on your behalf if you cannot make them yourself.
- Enduring Power of Guardianship, which is used to appoint someone to make personal and lifestyle decisions on your behalf such as your living arrangements if you have lost the ability to make decisions for yourself.
Who can make a Power of Attorney or Guardianship?
Anyone over the age of 18 who has the capacity to understand the nature and consequences of the document, who makes the decisions in the document of their own free will and who can communicate clearly what those decisions are.
When should I make a Power of Attorney & Appointment of Enduring Guardianship?
Before you need them! These documents safeguard your interests in the event of something unforeseen – an accident or illness that robs you of your capacity to make decisions for yourself. It is better to be prepared and confident in knowing that the person you choose will be making important decisions about your money, your living arrangements, and your health.
When does it start?
For a Power of Attorney (Financial), it begins when you nominate that it should. Powers of Attorney (Medical Treatment) and Powers of Attorney (Guardianship) only commence when you are unable to make your own decisions.
Who should I appoint to be my Attorney or Guardian?
You need to appoint someone your trust to make the right decisions. With a General Power of Attorney and an Enduring Power of Attorney (Financial), you can appoint more than one person to make the decisions jointly.
What are the legal responsibilities of my Attorney?
They are legally responsible to you and must act in your best interests. While you have the mental capacity they must obey your instructions. They cannot give gifts to themselves or to anyone else unless you specifically authorize this and they must keep their finances and money separate from yours, keeping accurate records of all of their dealings with your money.
Who should I talk to about it?
It’s really important that you discuss these documents with a lawyer who can give you professional advice about your particular circumstances. It’s also vital that you discuss your wishes with your family to avoid unnecessary conflict and stress.
Do I need a witness?
Yes, these documents need to be witnessed by a person with statutory authority such as a solicitor or Notary Public.
Can I change my mind?
Yes, as long as you still have the decision-making capacity to do so you can revoke or change these documents. This has to be done in a legally binding way, however, so please seek legal advice.
Contact us to find out more or to arrange an appointment with an experienced Power of Attorney lawyer in Craigieburn.