What is Estate Planning?

What is estate planning?

The phrase “estate planning” is commonly used in reference to the following documents:

  1. Will;

  2. Enduring Power of Attorney or General Power of Attorney;

  3. Advance Health Directive; and

  4. Superannuation binding death benefit nomination.

We recommend that every adult over the age of 18 (who has capacity) ensures that valid estate planning documents have been made. This assists in ensuring that your wishes are met, particularly where you are incapacitated or upon your death. Book an initial consultation with our Brisbane Estate Lawyer to discuss about your Estate Planning

  1. Will

A Will is a legal document that outlines who is to manage and benefit from your estate upon your passing. The person or people who manage your estate are referred to as your “executor”, “trustee” or “legal personal representative.” The person/ people or organisations (such as charities) who benefit from your estate are referred to as your “beneficiaries.”

Making one Will is not “set and forget” document for life. There are certain changes to circumstances which should trigger an estate planning update, such as:

·         You marry, divorce or start/end a de facto relationship;

·         You have children;

·         You change your name;

·         You move interstate or overseas;

·         You start a business, become a director or start a high risk occupation;

·         One of your executors/trustees/attorneys/guardian have:

o   Changed their name;

o   Moved overseas;

o   Passed away;

o   Become bankrupt;

o   Lost the ability to take on the role.

Is you Will up to date? If you there any change in circumstances as mentioned. Kindly get in touch with our Wills Lawyer to update your Will.

 

2. Enduring Power of Attorney or General Power of Attorney

An Enduring Power of Attorney (often abbreviated to “EPOA”) is a legal document that appoints an Attorney to make decisions for:

(a)    personal (including health) matters only;

(b)    financial matters only;

(c)     personal (including health) matters and financial matters.

The person who makes the EPOA or Power of Attorney is the “principal”. The “Attorney/s” is the person/people who you appoint to make decisions. The difference between an Enduring Power of Attorney and General Power of Attorney is:

Enduring: your Attorney may make decisions until your passing. Your Attorney may make decisions as to personal (including health) matters.

General: your Attorney may only make decisions whilst you still have capacity and may not make decisions as to personal/health matters.

A General Power of Attorney can be made by an individual or a corporation (a company).

3.       Advance Health Directive

An Advance Health Directive allows you to detail your wishes as to future health care and special health care. This is important for these wishes to be followed when you do not have capacity (ie you are unable) to make these decisions for yourself.

4.       Superannuation binding death benefit nomination

Upon your passing, it is not automatic for your superannuation proceeds to fall within your estate and be divided as per your Will. You must provide the trustee with a valid “binding death benefit nomination” outlining the nominee/s. If this is not in force on your passing, your superannuation Trustee will use their discretion to decide who is to receive.

We would welcome you to contact our office on (07) 3342 0393 or by email admin@franklinfamilylaw.com.au to arrange a time to discuss your estate planning needs.

NIk BavisettiFranklin Family Law