Your Guide to Wills & Living Wills
A Will is needed to ensure your assets are passed to those you love and those who need your financial support.
A well-drawn comprehensive Will is flexible and it will allow you to pass assets in a tax effective manner and provide protection to members of your family and beyond. You are able to choose your own Executor – the person responsible for looking after and distributing your Estate.
Making a Will avoids the charges made by trustee companies, which can charge anything up to 6% of your Estate, plus an annual commission on your estate income.
You can also make specific arrangements for your funeral, organ and tissue donation or donating your body for medical research.
Don’t have a will?
If you do not have a Will and pass away, you will be classed as having passed away ‘intestate’. Your assets will be distributed according to the law which could result in financial hardship for your family and added legal costs to the Estate.
Contrary to popular belief, your spouse doesn’t always inherit everything.
Someone will have to apply to the Supreme Court to be appointed as the administrator of your estate.
This could delay the distribution of your estate, be costly and cause financial hardship to your family.
Why go to a solicitor?
If you instruct Angas Lawyers your concerns will be listened to. You will have the benefit of over 30 years of legal experience and life experience. Wise and appropriate guidance can be given and correct documentation put in place for the protection of your family and loved ones.
We are able to incorporate Testamentary Trusts in your Will where needed. Direction may be included about the needs of children. Your Will can achieve what you want, not what is thrust upon you by the wishes of others or by the rules of an Act of Parliament.
Enduring Power of Attorney
An Enduring Power of Attorney will ensure that if you ever become incapacitated, your financial affairs will be taken care of by the person you nominate.
By appointing a person you know and trust to look after your financial, legal and property affairs, your family will be protected from hardship, inconvenience and cost.
If you do not have a valid Enduring Power of Attorney and become legally incapacitated an Administrator from the Public Trustee may be appointed as your Guardian to look after your legal affairs. Preparing an Enduring Power of Attorney will ensure you choose who you want to handle your affairs should your circumstances change.
Advance Care Directive
An Advance Care Directive allows you to express your wishes and instructions for future health care, living arrangements and limits on medical treatment and gives you the opportunity to appoint a Substitute Decision-Maker to make these decisions on your behalf if you are unable to do so.
You are able to have control over the manner in which you live if you lose the capacity to tell others what you want.
Just Think Of It As A Type Of Insurance
You probably have your house and car protected by insurance right now, but have you got a Will to protect those same assets if you become ill or pass away?
What will happen to your financial affairs if you become seriously ill and don’t have a Power of Attorney? Would you be happy with someone who doesn’t know you dealing with your personal affairs?
Do you have documents to assist your family and friends to make the decisions you would want to be made about your medical care and your lifestyle if you become ill?
When correctly drawn, these documents ensure that if anything happens to you, your wishes are carried out and your loved ones are taken care of.
Do It Yourself Documents
It may seem like the “cheaper option” to buy these documents, but it can be dangerous to use them. They provide a one size fits all solution. They are not moulded to your needs.
Saving a small amount of money by purchasing a basic, standard do it yourself document does not provide for situations personal to each individual, and often the problems created cost a lot more in the long run.
Spending a small amount of money now could save a lot of money and much heartache in the future. Ask yourself, would you operate on yourself?
Angas Lawyers will give you the appropriate legal advice and will make sure your documents are drawn up correctly.