Your Will comes into force when you pass away and deals with the assets that you own at your date of death. Considerations include:
- Who is your Executor(s) and alternate Executor(s)?
- What assets do you own and how are they owned? Can they be left in your Will?
- At what age would you want your children to inherit your estate?
- Would a Testamentary Trust be beneficial to you?
- Do you have a Binding Death Benefit Nomination for your Superannuation?
- Do you have a Family Trust?
- Do you have minor children?
Enduring Power of Attorney
Your Power of Attorney document operates during your lifetime should you become incapable of managing your own affairs. This can be due to dementia, stroke, coma, accident etc. Your Attorney basically steps into your shoes and acts on your behalf in relation to all your financial affairs, such as operating your bank account, buying/selling real estate on your behalf, dealing with Centrelink etc. Considerations include:
- Who is your Attorney(s) and alternate Attorney(s)?
- Do you want to put limitations on your Attorney or give specific directions?
Your Enduring Guardian document operates during your lifetime should you become incapable of making your own decisions. This can be due to dementia, stroke, coma, accident etc. Your Guardian can make lifestyle decisions on your behalf such as what medical treatment you receive or where you were to live should you require some level of care. Considerations include:
- Who is your Guardian(s) and alternate Guardian(s)?
- Do you want to include an advanced medical directive?
McLachlan Thorpe communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.