Making a Will
It is absolutely vital that you make a will. Do not delay. A proper will protects your assets and appoints an executor to make sure that your wishes are carried out. If no will is left, possessions will be distributed in accordance with government regulations. This can cause unnecessary hardship and distress for your family and friends.
You should also ensure that relatives or close friends know where your will is kept and that a copy is kept with your solicitor, accountant or banker.
It is also important that your executor is made aware of his/her appointment.
A will is a legal document and it is essential that it is properly drafted. Consult your solicitor, public trustee or trustee for help in drawing up your will. Your will must be signed by yourself and two independent witnesses who are not your beneficiaries.
Your Choice of Power Of Attorney
A Power of Attorney is a legal document that allows you to choose who looks after your financial and/or medical affairs when you are no longer able to. It gives another person the power to act on your behalf should you be incapacitated. Usually given to a trusted relative or friend, the Power Of Attorney allows them to make decisions regarding your affairs. It can ensure that vital matters are attended to at the right time by a trusted person if you are incapable of managing your own affairs.
Limitied Power of Attorney is in specific circumstances only as you decide.
An Enduring Power of Attorney comes in to effect either immediately or as your ability to arrange your affairs declines.
The Power of Attorney document must be signed while you are of sound mind.
Keep your important documents together
Just as importantly, you should tell at least two people where these documents are stored so that they can easily be located when the time comes:
• Birth Certificate
• Marriage Certificate/s
• Your Will
• Property Deeds and Mortgages
• Lease Arrangements
• Taxation Records
• Insurance Policies
• Life Insurance Policies
• Superannuation Policies
• Bank Account Details
• Details of Investments, Shares, Bonds etc
• Funeral Pre-arrangements and/or Prepayment Details
• Pre-Paid Cremation or Burial Right Deeds.
