If you want to make sure that certain organizations or individuals get your hard-earned cash and possessions, a proper Will is then of vital importance.
Estate planning is not only about coming up with a will, it also involves:
- Assets assessment
- Taxation assessment
- Advice concerning the likelihood of third-parties claims against the estate.
- Assets protection
Estate planning is a continuous process of reevaluating estate when there are changes in life circumstances, like for instance:
- Divorcing couples or ones that are newly wedded
- A change to asset pool of the family
- Working conditions changes like the sale or purchase of a business
- Superannuation, taxation levels or insurance policies changes
- Discretionary trusts establishment
You’ll also need to think about Powers of Attorney (POA) besides having a proper Will in place. A Power of Attorney is a document giving a nominated individual the power to make particular decisions on your behalf.
There are two kinds of Enduring Power of Attorney (EPA): an Enduring Medical Power of Attorney and an Enduring Financial Power of Attorney. Both of the documents are referred to as “Enduring” since they stay effective even when the individual making the documents becomes incapacitated to make such decisions or nominate anyone else. Should you lack Enduring Powers of Attorney and they’re required, then one will have to apply to get the power to act in such a way to the Victorian Civil and Administrative Tribunal (VCAT).
A general power of attorney (general POA) gives broad authority to an individual or organization (referred to as the agent or attorney-in-fact) to act on your behalf. These powers given to the person or organization include handling business and financial transactions, operating business interests, purchasing life insurance, settling claims, employing professional help, and making gifts.
A General POA is in effect only for a period of specified time and has no more effect once the individual making it is incapacitated. It is often used when an individual wants to purchase or sell a property but will not be physically available to do so.
Be it that you need a Medical Power of Attorney, Financial Power of Attorney, or General Power of Attorney, James F. Taylor is able to help you out.
Get in touch with us for more information or to arrange for a consultation with an expert Wills and estate planning attorney.