Wills & Estate Planning

Do you need a Will?
Having a Will can reduce the stress on your executor and beneficiaries. A lot of people assume that all of their possessions will automatically be transferred to their “next of kin” if they don’t have a Will. In reality, your beneficiaries would need to make an application to the Supreme Court for “Letters of Administration”. It is true that even if you have a Will that an application to the Supreme Court for Probate would be required, but this is a much more straightforward and cost-effective process, and having a Will allows you to communicate how you would like your assets to be dealt with. Without a Will, the Court applies set formulas which stipulate how your estate will be divided. While there are costs associated with preparing a Will, you need to consider whether not having a Will means that your relatives end up spending more time and money administering your estate.

Did you know that when you get married or divorced, your Will becomes invalid? Changes in marital status are a great time to update your Will.

What is an Appointment of Enduring Guardian?
This is a legal document that allows you to appoint someone else to make health and lifestyle decisions on your behalf if you are not capable of making them for yourself. To be relied upon, the document must be signed in front of a solicitor who will also sign the document to confirm that they have provided you with relevant information and ensured that all parties understand the effect of the document.

What is a Power of Attorney?
This is a legal document that allows you to appoint an attorney to act on your behalf in legal and financial matters. A Power of Attorney may be “General” or “Enduring”. While both provide the same powers, a General Power of Attorney is usually prepared to allow someone to represent you while you are unavailable or overseas and ceases to have effect if you lose mental capacity. An enduring Power of Attorney will continue to have effect even if you lose the ability to make decisions for yourself.