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It is important to have a valid will detailing your beneficiaries and the wishes you want carried out after your death, particularly of you have children or other family members depending on you. If you have not made a legal will, the time of your passing could cause a great deal of stress for your loved ones as they go through court to administer your estate.
At MCG Legal we take the time to discuss and advise you when it comes to such an important decision as preparing your will.
There are many aspects to any legal Will and it’s important you allow us the time to thoroughly discuss these with you. These include the important times to update your will, such as when your marital relationship has changed, there are deaths in the family or the birth of children.
A Will is a document which sets out how your property is to be divided after you pass away. Having a valid Will can help reduce stress for your family and friends, reduce costs in the administration of your estate and limit the possibility of disputes over your estate.
If you do not make a legal Will then your estate is distributed undyer the laws of intestacy. This applies regardless of your situation and your family and friends may not be provided for as you wish. Not having a Will can increase the legal, financial and emotional burden involved in administering your estate.
Reviewing Your Will
MCG Legal recommend that you review your Will regularly to ensure a change in circumstance is not overlooked. You may need to update your Will if:-
- you separate, divorce, marry or re-partner
- have more children
- establish or dispose of a Trust, company or business
- a beneficiary has passed away
- an Executor passes away or is unable to act due to age, ill health or any other reason
- your assets or financial circumstances change
- you acquire significant debts and may become insolvent.
A Testamentary Trust may need to be established to look after the beneficiaries. A Testamentary Trust allows your assets to be held on trust and financial distributions to be made to the beneficiaries. Contact us to discuss this in more detail.
Power of Attorney
Just as important as your Will, a Power of Attorney is a document wherein you appoint someone to manage your financial and legal affairs whilst you are alive. Your Attorney does not need to be a lawyer.
A General Power of Attorney allows you to appoint someone to act as your Attorney for financial matters for a specific period or event whilst you have capacity.
Your Attorney is appointed to manage your affairs as per your instructions so you do not lose control over your finances. You can revoke a Power of Attorney at any time.
An Enduring Power of Attorney allows you to appoint Attorney/s for both financial and personal/health matters if you lose the capacity to make your own decisions eg. if you are incapacitated due to illness or injury.
Advance Health Directive
An Advance Health Directive allows you to state your wishes of directions regarding your future health care for various medical conditions. The Advance Health Directive comes into effect only if you are unable to make your own decisions.
The Advance Health Directive can apply at any time you are unable to decide for yourself or you may want it to apply only if you are terminally ill.
- Wills & Estate law
- Estate planning & administration
- Estate administration FAQs
- The difference between a will and estate planning
- What happens when you die without a will
Contact us at MCG Legal for more information about power of attorney and why it’s an important part of your will.