Author: althea

While it is possible to prepare a valid will for yourself, it is almost always better to retain a solicitor to assist you.  Home-made wills, even ones made with a will kit, generally only work well if circumstances at your death are exactly as you expect.  If something unanticipated occurs, a home-made will may not work in the way that was intended and in some cases can be totally ineffective.

Technical issues with home-made wills can often be resolved after the fact (for example if the will has not been signed correctly) however, problems can also arise with interpreting the will.  This can put families in a position where they are forced to apply to the Court for directions about how the will works in relation to certain items or people.

A solicitor who is experienced in drafting wills can ensure that:

1. Your will is capable of working in a number of different situations.
2. You have named an executor who will be charge of gathering up your assets, paying your debts and transferring the rest to your beneficiaries.
3. Minor beneficiaries are adequately provided for by:
   1. Appointing a testamentary guardian; and
   2. Setting up a properly working trust for their inheritance with someone of your choosing in charge of it.
4. The document meets the technical requirements for a will, is signed correctly and that the words used in it will work the way they are intended to.

If you want to make an appointment to discuss your will, or any other estate planning matters, contact Althea at Hornsby Wills and Probate on 0410 485 277 or by email:   althea@hornsbywillsandprobate.com.au

Everything you own forms part of your estate.  Estate planning usually means organising what will happen to your estate after you die, however it should also include any matters that require attention within your lifetime (for example, a plan for managing your estate if you become incapacitated or unwell).  How much needs to be done for your estate plan will depend on your particular circumstances.

For many people, a properly drawn will and an Enduring Power of Attorney will be all that is required for an effective estate plan however there can be additional matters to consider.  For example, transferring control of a small business or family trust.  An estate plan should also consider the potential for any challenge to your will under family provision legislation.  This can be especially important in a blended family situation.

It is important to discuss your estate plan with a solicitor, even if you think it is simple.  The right solicitor will be able to ensure that everything in your estate is effectively dealt with and that all necessary steps are taken to reduce the risk of litigation or other problems arising for the people who are to benefit from your estate.

If you would like estate planning advice, contact Althea at Hornsby Wills and Probate on 0410 485 277 or althea@hornsbywillsandprobate.com.au

A Power of Attorney is a document in which you can give another person the authority to control your legal and financial affairs.  This person is called your ‘Attorney’.   An Attorney can be authorised to enter contracts for you, access your bank accounts and sell your assets.  It can be useful to appoint an Attorney in a number of situations:

1. If you are overseas and would like someone to manage things for you while you are away.
2. If you would like another person to handle a particular transaction on your behalf.
3. If you want your spouse to be able to deal with accounts and assets that are held in your name.
4. In case you become incapacitated or otherwise lose the ability to manage your affairs because of an illness such as dementia (this type of appointment is called an Enduring Power of Attorney).

Powers of Attorney can be prepared to suit the circumstances for which they are required.  For example, you can make a general appointment allowing your spouse to take over all your affairs if you are no longer able to manage them yourself or you can make a power that only enables your Attorney to sell your house for you while you are overseas.

The person giving a Power of Attorney is known as the principal.  An Attorney is required by law act in the principal’s best interest and keep reasonable accounts records of the principal’s money.  They must also follow the lawful directions of the principal and will be bound by the terms of the document appointing them.

If you need a Power of Attorney, it is important to have one properly drawn to ensure that it is valid under the Powers of Attorney Act 2003 and works only in the circumstances you want.

If you would like advice about a making a Power of Attorney, or other estate planning matters, contact Althea at Hornsby Wills and Probate on 0410 485 277 or by email: althea@hornsbywillsandprobate.com.au