Wills, Estate Planning and Appointing an Attorney and Guardian

A Will is an important legal document that outlines your final wishes. It provides clear instructions on how you want your estate distributed after your passing and who should oversee the process. It may also include details about your finances, family matters, and funeral arrangements.

Given that personal circumstances can change over time, it is essential to review your Will regularly to ensure it remains current. 

Regardless of your stage of life, if you have family members or dependents, maintaining an up-to-date Will is important.

Our estate planning service is more than just preparing a Will. We consider your superannuation, life insurance, corporate structures and your succession plan for business arrangements. Our extensive litigation experience enables us to advise you so that you can minimise the risk of your estate being contested.

Things to think about when making a Will include:

• Who you wish to appoint as your Executor

• Who you wish to appoint as the Guardian of your minor children

• What assets and liabilities you have

• What assets may not automatically come into your estate when you die (e.g. superannuation)

• How you wish to distribute your assets in the event of your death

• If a Testamentary Trust is necessary 

The appointment of an attorney and/or Guardian is an important decision.  A legal document appointing the people selected by you to make decisions on your behalf provides clarity to your family, bank, doctors etc as to who is allowed to manage your affairs if you are unable to do so yourself.

The loss of mental capacity due to injury or illness can affect anyone unexpectedly. Proactively appointing attorneys by recording this in a document  can spare you and your family unnecessary anguish and uncertainty about decision-making. When appointing an attorney you can designate who will serve as your attorneys, what powers they will have, and when those powers will take effect.

Without this document in place, no one has the legal authority to act on your behalf for financial matters. In such cases, your family or friends must apply to the Tribunal in your State to be appointed as your attorneys. This can become an expensive, time-consuming, and stressful process.

It's crucial to choose a trustworthy attorney who understands your wishes. Your attorney must be at least 18 years old and cannot be someone paid to care for you, although they may receive a carer’s pension from the government. For added security, it is recommended to appoint multiple attorneys or have a reserve attorney in place.

A financial attorney will manage your financial affairs, such as selling assets and investing your income. They must keep detailed records of all transactions and dealing and avoid conflicts of interest. An attorney appointed for personal matters can make decisions about your education, home, healthcare, and other day-to-day matters.

All attorneys have a duty to act with honesty and care, respect your wishes, and consider your relationships and values. Their power over your health matters only commences if you become incapable of making your own decisions. For financial affairs, you can choose when your attorney's power begins, whether immediately or upon losing capacity.

Depending on your circumstances, you may wish to appoint your attorney to act on your behalf for both financial and personal health matters