Wills and Estate Planning

Overview

Wills and estate planning are pivotal components of financial independence and asset protection. A well-crafted estate plan ensures control of personal and financial affairs in the event of lost capacity and executes financial intentions after death. Moreover, it considers tax implications on superannuation and capital gains, providing peace of mind for individuals and their loved ones.

Drafting a Will

Drafting a will requires meticulous attention to detail, knowledge of financial affairs, and careful consideration of personal decisions. These decisions include appointing executors, trustees, and guardians, who play crucial roles in managing and distributing assets according to the testator's wishes.
Using a DIY will drafting kit can be unhelpful and even lead to unintended consequences. To ensure a will is valid, comprehensive, and aligns with your intentions, seek professional assistance from experienced wills and estate lawyers.

Family Provision Claims

If you are left out of someone's will or feel entitled to a share of their estate, you may be eligible to make a family provision claim. This involves applying to the Supreme Court of New South Wales for a share or larger share of the deceased person's estate.
.To make a family provision claim, you must meet eligibility criteria, which include being a spouse, child, or dependent of the deceased. Additionally, you must adhere to the time limit for filing a claim, which is typically within 12 months of the deceased's death. The court considers various factors when determining family provision claims, including:

- Relationships between the applicant and the deceased
- Financial circumstances of the applicant
- Disabilities or health conditions of the applicant
- Contributions made by the applicant to the deceased's estate
- Other claims on the estate

Power of Attorney

Power of Attorney enables you to appoint someone to manage your assets and financial affairs. This can be essential for individuals who are unable to manage their affairs due to illness, injury, or cognitive decline.

There are two types of Power of Attorney:

- General Power of Attorney: This arrangement lapses if you lose mental capacity or on a specified date.
- Enduring Power of Attorney: This arrangement remains effective even if you lose mental capacity, providing continuity in the management of your affairs.
When creating a Power of Attorney, you can specify the scope of authority granted to your attorney, including limitations on their decision-making powers.

Enduring Guardianship

An Appointment of Enduring Guardian document enables you to appoint someone to make health and welfare decisions on your behalf if you are unable to do so. This appointment can be revoked at any time.

Your Enduring Guardian can make decisions about:

- Living arrangements
- Medical treatment
- Personal care

By appointing an Enduring Guardian, you can ensure that your wishes are respected and your well-being is protected if you lose capacity.

Conclusion

Wills, estate planning, family provision claims, Power of Attorney, and Enduring Guardianship are essential considerations for individuals seeking to protect their assets, ensure their wishes are respected, and provide for their loved ones.
By seeking professional advice from experienced lawyers, you can navigate these complex areas with confidence, ensuring peace of mind for yourself and your family.

Contact J&M Chambers for expert guidance on wills, estate planning, and related matters.