Wills and Estate Planning
Intestacy
Many Australians die without ever making a will–this is called intestacy.
If this happens to you, your state government will distribute your assets as it sees fit. Generally, dependents and close relatives are the prime beneficiaries. But you may be estranged from some family members. Or perhaps you have a blended family. Or you may have assets overseas. What happens if you have a young family and you and your partner both die at the same time? Who will manage your assets and raise your children?
A wills and estates lawyer will help you draw up a will which reflects your wishes, and which is hard to challenge. So you can relax knowing your wishes will be followed.
The risks of using will templates
You can make your own will using a template instead of advice from a wills and estates lawyer, but there are risks
- You may not execute the document legally.
- You may assume that certain assets are included in your estate, when in fact they will be treated differently. (Common examples are superannuation and property owned with your spouse.)
- If there are family members who could potentially benefit from your will and you don’t include them, they may challenge your will, leading to confusion, cost and delay.
- If you have international assets, it is often more practical to have separate wills for assets in different countries. In this case, it’s important to be clear which assets are covered by which will.
Enduring Power of Attorney
An Enduring Power of Attorney (EPoA) allows someone to make financial decisions on your behalf if you no longer have the mental capacity to do so yourself. You can appoint more than one EPoA. If you don’t have one set up and something happens, there is a complicated, time-consuming process to have someone appointed. Also, it may not be the person you would have wanted.
Enduring
Guardianship
An Enduring Guardianship works in the same way, but the person you nominate is able to make health and lifestyle decisions on your behalf rather than financial ones.
