We might choose to ignore but we can’t run away from the two certainties in life i.e. death and taxes. We all should take the time to do the planning for both they are inescapable. Death even more than taxes…
Many of us know about “Will” which is a document to set out what you want to happen to your assets after your death. But not all of us know about other important documents that should be prepared while you are still alive. Your matters in the Will, such as who manages your estates and guidelines are only valid after your death.
In case somebody dies without making a Will “The Succession Act” sets out the estate planning which may not be the way the deceased might have wanted their assets to be handled. That is why it is important that you have a valid Will so that your wishes are complied with upon death.
In the event you are unable to make decisions on your own, there are other important estates planning documents that can be prepared on your behalf to assist, such as “Power of Attorney” and “Enduring Power of Attorney,” in case you are taken ill or seriously injured.
A Power of Attorney specifically is a legal document in which you assign a person to act for you to undertake certain financial dealings on your behalf. These dealings could be opening and closing of bank accounts, depositing and withdrawing funds to your account, insuring your personal assets, buying or selling your house. When you do not have the mental capacity to make financial decisions for yourself, a Power of Attorney can be drafted for such circumstances, for example suffering from dementia. A medical certificate is necessary for such situations for the Power of Attorney to take effect.
One should prepare these documents while they are fit and healthy, before losing the ability to make these important decisions. As part of your Estate Planning portfolio, when you update your Will, you should also consider preparing a Power of Attorney document. It goes without saying that whoever you choose to appoint for the Power of Attorney should be trusted not only by you but your family and employees too, if that person is going to have a massive impact on their lives.
Obtain proper legal advice from Conveyancing Sydney before making such decisions and documents. We are the best adviser in town to ensure that all your requirements are covered and a proper balance of trust and caution is maintained. Call Conveyancing Sydney at (02) 8084 2764