3 Essential Documents in Your Estate Plan
Having a will in place is undoubtedly crucial for ensuring that your wishes are carried out after you pass away. However, relying solely on a will might not encompass all the intricacies and complexities of your estate. This is where a full estate package comes into play. Below are the documents we recommend clients put in place to protect you when the unexpected happens.
The Will
A basic Will is a document that sets out how you want your estate to be distributed. It is important as this document ensures you have your assets dealt with as you want them to. A Will only has effect after a person passes away. A Will also sets out who is responsible for dealing with your estate and how that estate will be distributed. Having a will in place is vital to ensure that your wishes are carried out after you pass away. However, beyond just a will, a comprehensive estate plan typically includes an Enduring Guardianship and Enduring Power of Attorney. These documents collectively provide a more comprehensive approach to managing your assets and affairs, both during your lifetime and after.
Enduring Guardianship
An Enduring Guardianship is a document that appoints a one or more individuals who will be entrusted with the responsibility of making important medical and health-related choices on your behalf whilst you are alive. This document continues in operation even if a person loses their mental capacity. This ensures that your chosen guardian(s) can advocate for your well-being and ensure that your preferences regarding medical treatments, living arrangements and other health-related matters are respected and upheld. Putting an Enduring Guardian in place provides peace of mind and also safeguards your dignity and values during vulnerable periods of life.
Enduring Power of Attorney
It's also important to appoint someone to make decisions on your behalf in the event you are unable to, due to physical or mental incapacity. An Enduring Power of Attorney is a document that appoints one or more individuals to deal with your financial and legal affairs whilst you are alive. The person appointing an attorney is called a principal. This document ceases to have any effect once the principal passes away. However, an Enduring Power of Attorney continues if the principal loses their mental capacity. By putting an Enduring Power of Attorney in place you’re not only safeguarding your financial and legal interests but also lessening the potential burden on your loved ones during difficult times. This can help prevent financial mismanagement, disputes and delays that might arise if decisions need to be made without your input. You can also register an Enduring Power of Attorney at the NSW Land and Registry Services so that your attorney can make decisions regarding real estate on your behalf.
At Orman Solicitors, we have your best interests in mind and will work to protect your wishes. If you would like to make an appointment to review your Estate Plan please call us on 1300 676 267 or email us at reception@ormansolicitors.com.