Why having a Will and Enduring Power of Attorney are Essential?

Contact: Mark Poretti

Why a Will and Enduring Power of Attorney are Essential?

Our Partner Mark Poretti recently discussed the importance of having a Will and Enduring Power of Attorney with Financial Planner, Luke Smith from Envision Financial who also has a regular radio show on 2CC, for a podcast on Strategy Stacker.

Wills
A will is a legal document. The benefit of having a Will in place is that it will allow you to specify how you wish for your assets to be distributed when you die and ensures your wishes are carried out. There are several key elements that form the writing of a will to ensure that all bases are covered. It is important that a Will is updated if your personal circumstances change in respect to marriage, divorce, a significant financial change or if a spouse passes away. Wills are governed by each state and territory legislation and a major part of that is how the Will is executed as it requires strict witnessing requirements in order to administer a Will and for a Will to be effective.

Key highlights discussed, include:
– What is an executor and what is their role?
– What is probate?
– How does property ownership influence the outcome of a Will, where more than one person owns the property?
– What can a Will do to where there are children (minors) involved?
– What is a testamentary trust? How does it benefit a minor and a spouse/partner left that receives a benefit from an estate?
– What is a family provisions claim and why you shouldn’t just leave out a family member?
– What happens if you die without a Will?
– What is a Power of Appointment?
– What do business owners need to consider in a Will?
– Why Superannuation is NOT covered by your Will?

Power of Attorney
A power of attorney is a document that allows you to give someone else the legal right to look after your decisions if you are no longer able to do so or manage your affairs for you. With any Power of Attorney, it’s important to nominate someone who is trustworthy, financially responsible, and likely to be around when you need them. There are different types of powers of attorney, those being:
– Enduring Power of Attorney – allows someone to make financial and legal decisions for you.
– General Power of Attorney – allows someones to make financial and legal decisions for you which is for a specific amount of time – for example if you are overseas or cant manage your own affairs at home.
– Medial Power of Attorney – allows someone to make medical decisions for you if you become unable to do so yourself however is limited only to medical related situations and does not allow them to make any other kind of decision.

Key highlights discussed, include:
– What is an Enduring Power of Attorney?
– When does it start to operate?
– What kinds of decisions can be made?
– Can you have more than one Power of Attorney?
– Is it good to get have more than one Power of Attorney?
– At what point do you become a Power of Attorney?
– Why a Power of Attorney isn’t just for the elderly.

https://www.youtube.com/watch?v=aVtPCwPf97s

For specific advice or if you need a Will or Power of Attorney, please contact Mark Poretti at Trinity Law on (02) 6163 5050 or email your query reception@trinitylaw.com.au

The information in this document represents general information, and should not be relied for your specific circumstances. If you require legal advice and assistance on the matters contained or associated in this document you should contact Trinity Law. Subject to the limits of the law, Trinity Law disclaims any liability on persons relying on this document.