Preparation of Wills and Powers of Attorney
The main purpose of a Will is to ensure that the tangible results of your life’s efforts will end up in the hands of your intended beneficiaries. At Home legal makes it easy to make an effective Will.
Making a Will and Powers of Attorney helps to ensure that your loved ones won’t be left with an emotional and legal mess to deal with. Without a power of attorney in place your family will need to apply to a Tribunal to be appointed in order to have the authority to manage your affairs.
It is simpler and more cost effective to have proper documents in place from the outset. Having a legally drafted Will and powers of attorney in place provides peace of mind for both yourself and your loved ones
By preparing a Will document, you will be ensuring adequate provisions for your family. This may include any grandchildren, as well as children from second relationships. Enduring Powers of Attorney make sure that you have the assistance of an attorney at times of need in matters of financial, legal and medical decisions.
Why Will Preparation is Essential
The legally valid Will requires that a suitable executor and trustee is appointed.
During the Will making process a number of other important matters are addressed with our clients at At Home Legal.
Examples of the types of important issues that can be addressed in your Will include the appointment of a suitable guardian for minors, payment of debts and liabilities, specific gifts to family members and charities, funeral directions, and trusts for children and vulnerable beneficiaries.
Reviewing Your Wills and Powers of Attorney
It is generally recommended that a person review their Wills and powers of attorney every five years, or earlier. Any number of changes in your circumstances may change the effectiveness of your current Will and Powers of Attorney.
For example, your existing Will and Powers of Attorney can be affected by new relationships, separation and divorce . Other changes to your family such as births, and marriages directly affect your Will. Marriage revokes a person’s Will if it was not made in contemplation of that marriage.
The acquisition of new investments or inheritances could also stand to affect any current gifts in your Will. As a legally valid Will is needed to transfer assets to your beneficiaries, it is prudent to have a periodic review of your Will to prevent leaving your beneficiaries to deal with any deficiencies.
Consult with Claire Dunning of At Home Legal for Help with Preparation of Wills and Powers of Attorney
If you are seeking advice and support with regards to preparing a Will and powers of attorney, please book a consultation with At Home Legal today.
Speak with Claire Dunning to arrange a consultation at 0422 490 811, and find out how we can make it easier for you by having qualified legal support.