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Wills and Succession Planning
Succession Planning
Wills, Power of Attorney and Enduring Guardianship
What are these documents and why do I need them?
Wills
Your Will is the document that determines arrangements after you have passed away
Power of Attorney
An enduring power of attorney is a legal document that allows you to nominate one or more persons to act on your behalf to manage your legal and financial affairs.
Enduring Guardianship
An Appointment of Enduring Guardianship document allows you to nominate one or more persons to act on your behalf to manage your personal and lifestyle decisions.
Wills
Your Will is the document that determines arrangements after you have passed away. This document can say to whom your assets are to belong and where your money is to go. You can also nominate your preferred guardian for your children. Wills can be very specific and particular, or general and long-lasting.
In your Will you will nominate one or more trusted people as your Executor. Your Executor is the person who will distribute your estate and ensure all of your wishes are taken care of. It is very common to nominate a long term partner or close loved one for this role. You will also nominate the beneficiaries of your Will, these are the people who will receive your Estate in the form of money or possessions in amounts or descriptions as you state in your Will.
Power of Attorney
An enduring power of attorney is a legal document that allows you (the principal) to nominate one or more persons (referred to as attorneys) to act on your behalf. An enduring power of attorney gives the attorney the authority to manage your legal and financial affairs, including buying and selling real estate, shares and other assets, operating your bank accounts and spending money on your behalf.
This means that in the event you go overseas, are hospitalised, your mental health becomes unstable, or you are otherwise unable to manage your own legal and financial affairs, a person/s of your choosing may continue to manage and maintain your assets and affairs.
Appointment of Enduring Guardian
Appointing an Enduring Guardian is not the same as appointing an Attorney through a Power of Attorney document. An Appointment of Enduring Guardianship refers to appointing someone to make personal and lifestyle decisions, while a Power of Attorney document refers to the management of a person’s financial and legal affairs.
Your appointed enduring Guardian can make many decisions for you, including which doctor should treat you, what kind of treatment, surgery or medication you should have, whether you should see a dentist and what kind of treatment should be carried out. They may consent for you to enter a group home, hostel or aged care facility, and decide the people who can associate with you and who is able to visit you.
