Often the last thing we want to think about is making a Will. Our Geelong-based legal team has the right advice to help you make the right decisions. Professional advice when making a Will and putting Powers of Attorney is advised so that you can get on with living your life.
Our team can assist with the following:
Making a Will involves the creation of a legal document that sets out your wishes for what you would like to happen to your estate when you are no longer here, which takes effect after your passing. Having a valid will can give you peace of mind that your estate will be distributed to your beneficiaries as you intend, and provides your loved ones with legal protection to ensure your wishes are complied with.
If you die without a current Will, the law will decide what happens to your estate. This may mean that your estate is not distributed in the way that you wish. Your estate could also be distributed in accordance with an old Will. If no will exists, the court will appoint an administrator to distribute your estate following legal rules known as the rules of intestacy, which means your assets may go to your spouse or domestic partner, children or parents, or more distant relatives. If you have no living relatives, your property will go to the State.
An executor is a person or trustee company that will manage your estate after you die. Your Will names the executor and gives them the power to deal with your estate. This is in accordance with the terms of your Will. Your executor could be a family member, friend, lawyer, or other professional, such as an accountant or trustee company. When choosing an executor, it is advised to consider their circumstances and skill set to decide if they are suitable.
You are expected to take care of any dependents in your Will if they need your help and you have the resources. Dependents may include your partner or children, even if they are adults. If you don’t include these people, they may be able to challenge or contest your Will. If their claim on your estate succeeds, the court will make an order to give some of your estate to that person.
A Power of Attorney is a legal document that authorises the person you nominate to act on your behalf. Should you be unable to yourself, due to mental illness, physical disability, or simply because you are not currently available. It takes effect during your lifetime and gives someone the authority to make decisions and execute documentation for you whilst you are not in a position to do so.
Generally, a spouse, partner, relative, or close friend is chosen as someone’s Attorney.
Keep in mind, that this person must:
You can limit their range of power by choosing the tasks they are responsible for and which they aren’t; you can also appoint more than one so that they must make joint or majority decisions.
Take control of your future today by meeting with the Geelong-based Legal team at The Hrkac Group. If you’re Will in Geelong or appointing a Power of Attorney, our expert team of Geelong lawyers can assist. Make an appointment today via email or phone (03) 5224 2366