Wills and Estate Planning

There are things that you need to consider carefully before you make a Will including:- what assets do I own? what assets do I control but not own? who should be in my thoughts when making a Will? who are my family members and who are my dependants? do I want certain items to go to particular people? who will administer my estate and ensure that my wishes are carried out – not merely to the letter but also in spirit? what are the consequences of me making a Will in the terms

‘Horrifying’ - the very high numbers in the 18-25 age group, when it comes to serious impairment or death from accidents.   ‘Unimaginable’ - the difficulties for parents who have to suddenly manage life with a young adult child who has lost decision making capacity or worse still manage the estate of a child lost to them.   Coping with those difficulties is made worse, sometimes beyond belief, if the child doesn’t have an Enduring Power of Attorney (EPA) or a Will.   Parents

Reverse mortgages enable you to withdraw equity from your home.  With a reverse mortgage there is no obligation to make any repayments of principal or interest.  Perhaps you have the problem of being asset/equity rich and cash poor and you need funds to assist with some home renovations for old age, to fund some lifestyle needs, or to assist you to fund an Accommodation Payment to access Aged Care. Some features of reverse mortgages are:- The amount you are able to borrow wil

There are two types of power of attorney (1) “General Power of Attorney” and (2) “Enduring Power of Attorney”. Both types involve a formal agreement where one person (known as the principal) gives another person (known as the attorney) power to make decisions on behalf of the principal.   The term “person” includes both natural persons and legal entities such as corporations. A General Power of Attorney can only be used for financial matters.  It operates only while the princ

Effect of marriage on your Will. You’re preparing for your wedding and planning your future together. You may be looking at wedding venues, buying your first home, and deciding on where to go for your honeymoon. But have you updated your Will? No doubt you want to provide for and protect your new spouse, and updating your Will is a critical step in planning for your future. Marriage and your Will As a general rule of thumb, you should review and update your Will about every t

When you make a Power of Attorney it can be made in different ways. The principal rule is that when you make a Power of Attorney it must be made in the approved form pursuant to the provisions of the Powers of Attorney Act 1998. However certain Powers of Attorney will be valid as long as there is substantial compliance. It is important to recognise that with most Powers of Attorney the formal requirements to create the Power of Attorney must be strictly adhered to. This inclu