It can be difficult to talk about. We often put it off as we believe it will never happen to us. However, having your Estate Planning up to date is important. Your family can be saved unnecessary stress and money if you were to pass away or become mentally incapable. This is important as it comes at a time which is undoubtedly difficult for them.
What is Estate Planning?
The area of Estate Planning includes the following:
Wills: A Will is a legal document that states who will receive your estate when you pass away. Your estate is everything that you own. You nominate a person called an Executor to carry out your wishes in your will.
Power of Attorney: A Power of Attorney is a legal document that appoints a person, called an Attorney, to manage your financial affairs. A General Power of Attorney is used for a set time or purpose such as while you are on an extended holiday. While an Enduring Power of Attorney only comes into effect if you become unwell and no longer have the mental capacity to manage your financial affairs.
Enduring Guardian: An Appointment of Enduring Guardian is a legal document that appoints a person to make health and lifestyle decisions for you. It comes into effect when you are no longer able to make those decisions for yourself.
Probate: After you pass away the Executor nominated in your Will makes an application to the Court for Probate. When Probate is granted the Executor can deal with your estate.
Letters of Administration: When you pass away without leaving a Will the law states how your estate will be divided. Your next of kin is able to apply to the Court for Letters of Administration so they can deal with your estate.
How can Sharpe Legal and Conveyancing assist with your Estate Planning?
Sharpe Legal and Conveyancing can assist you make your Will, Power of Attorney and Guardianship documents. We take the time to sit down with you and discuss your personal circumstances. We then draft the documents that will best suit you and your family’s future.
Sharpe Legal and Conveyancing can also assist with applications for Probate and Letters of Administration.
To see how we can help you contact our office today on 4605 1501.