SUCCESSION LAW
What is a Will?A Will is a legal document that deals with the distribution of one's assets in the instance of their death. This may include property, superannuation, bank accounts, and cars.
Why is a Will important?In the case of your death, if you do not have a valid Will your assets will be distributed according to legislation. This means that your assets will be distributed amongst your relatives which may or may not be what you wanted.
What is a Power of Attorney and do I need one?A Power of Attorney is a legal document appointing a person or trustee organisation of your choice, to manage your financial and legal affairs while you are alive and have capacity.There are certain circumstances which may give rise to you wanting to appoint a Power of Attorney. For instance, you may be travelling overseas and may give your attorney access to your bank to pay your bills or manage your finances while you are away. Alternatively, you may want to appoint an attorney if you become unwell or before you lose your ability to make decisions for yourself.You may revoke your Power of Attorney at any time given you still have capacity and in the case of your death, the Power no longer applies.
Are there different types of Power of Attorney?Yes, an ordinary Power of Attorney which is explained above only has capacity to act as your Attorney so long as you have capacity yourself. These are great for short term Power appointments. However, if you wish to grant your Attorney power to make decisions even after you lose capacity, you can appoint them using an Enduring Power of Attorney. This is especially important for the elderly.
Does this Power need to be granted to a solicitor?No, this is a common misconception. You can appoint anyone over the age of 18 to be your Attorney but it is important you have a Lawyer put together the documentation for validity purposes.
Why is a Will important?In the case of your death, if you do not have a valid Will your assets will be distributed according to legislation. This means that your assets will be distributed amongst your relatives which may or may not be what you wanted.
What is a Power of Attorney and do I need one?A Power of Attorney is a legal document appointing a person or trustee organisation of your choice, to manage your financial and legal affairs while you are alive and have capacity.There are certain circumstances which may give rise to you wanting to appoint a Power of Attorney. For instance, you may be travelling overseas and may give your attorney access to your bank to pay your bills or manage your finances while you are away. Alternatively, you may want to appoint an attorney if you become unwell or before you lose your ability to make decisions for yourself.You may revoke your Power of Attorney at any time given you still have capacity and in the case of your death, the Power no longer applies.
Are there different types of Power of Attorney?Yes, an ordinary Power of Attorney which is explained above only has capacity to act as your Attorney so long as you have capacity yourself. These are great for short term Power appointments. However, if you wish to grant your Attorney power to make decisions even after you lose capacity, you can appoint them using an Enduring Power of Attorney. This is especially important for the elderly.
Does this Power need to be granted to a solicitor?No, this is a common misconception. You can appoint anyone over the age of 18 to be your Attorney but it is important you have a Lawyer put together the documentation for validity purposes.