DEATH - It’s a dead giveaway... make or review your will before it’s too late!

Who gets what should be up to you.
Making a Will is the sort of thing one is inclined to “put off until later”. It’s not seen as a priority because most of us don’t want to think about dying. Just like paying tax, we’d rather avoid it, but we can’t evade it.

Common Excuses For Not Making a Will
I don’t have enough assets to justify making a Will.
My estate’s so simple it doesn’t matter
I’m too busy; I’ll do it later.

Sound familiar?

Did You Know?
Everyone over the age of 18 years can make a Will?
Your circumstances may change overnight?
Dying without a Will creates all sorts of problems and issues for the people you leave behind?
Have you considered the problems you leave your partner, family, friends if you die without a Will?
Having a Will is extremely important. It is a means of ensuring as far as possible that on your death, any assets you possess are distributed as you would wish. Without a valid Will, you are said to die ‘intestate’. This can result in your estate going to persons that you may not wish to benefit.

Even if you have little in the way of assets you may have young children. At the very least, you can appoint a guardian in your Will to care for your children if both parents die. Your children may face difficulties without a legally appointed guardian, as guardians are required for educational, health and legal matters. It may also result in conflict in your family as to who will care for the children.

It is important to have a Will drawn whilst you are well and healthy. Making a Will whilst you have the mental capacity to do so means that it will be valid and binding even if at a later date your mental capacity is affected by an accident or disease. If you attempt to execute a Will when you are incapacitated the will may be challenged and declared invalid.
Make the effort to prepare a Will. It will save your family from emotional trauma at a time which is already distressing.

Even if you have a Will, you should review it regularly. It may be that your current Will no longer fits with your circumstances. Many people are surprised to find that not all of their assets will form part of their estate and be dealt with by their Will. For example, superannuation (which is something just about all of us have these days) does not necessarily become an estate asset. This is because the fund is under the control of a trustee and you are merely the beneficiary. On your death, it is the trustee who determines who will receive your entitlements.

Enduring Power Of Attorney - Don’t Be Without It When You’re Not With It!

As part of your estate planning you should also appoint a person who can act for you as your attorney in the event that you are no longer able to make a decision yourself.
It is important to have this document in place before you become incapacitated as you are then unable to appoint an attorney. Without an Enduring Power of Attorney the result may be that the a government department such as the Adult Guardian or the Public Trustee will end up making decisions about your personal and financial affairs.
Who would you rather have look after your finances and make decisions about your care?
Don’t put it off. Make an appointment to discuss your estate planning needs with one of our team today.

“Home made Will Kits” and on line forms
Yes, there are cheaper do it yourself alternatives for Wills and Enduring Powers of Attorney. However these forms do not give you any professional advice with respect to your particular circumstances. They should be used only in the most basic of circumstances and there is no guarantee for you or your beneficiaries that they have been validly completed. Use of these forms is quite likely to have the very result you sought to avoid by “do it yourself”, .......putting money in the lawyers pocket! In the end it is much cheaper and less stressful for your loved ones to get professional advice. Remember not all assets form part of your estate and you may end up with your estate going to someone you did not intend to benefit for the sake of saving a few dollars.

Estate Administration
Have you been appointed executor of a Will or had a family member die without a Will? Not sure what to do? Our estate team can assist you with all or part of the administration of the estate, whether it just be some basic advice, or obtaining the Grant of Probate or Letters of Administration on your behalf, right through to fully administering the estate, such as dealing with the asset holders, attending to payment of liabilities and making the distributions to the beneficiaries.