ESTATE PLANNING
It is necessary in the making of a will that you take into consideration various factors in addition to the distribution of your assets in accordance with your wishes upon your death. We can assist you with the identification and consideration of such issues including legal obligations and taxation issues in succession law.
Proper estate planning may involve the establishment of testamentary trusts or life estates. A testamentary trust is when an asset (eg. cash) must be held on behalf of a beneficiary who for whatever reason cannot yet receive it themselves. The trustee holds the asset on behalf of the beneficiary until it can be paid to them. In the case of cash it would be invested.
In the absence of proper estate planning your family members could be left with unwanted burden in difficult times. We accordingly recommend that you speak to us about the ways you can avoid that.
POWERS OF ATTORNEY
An Enduring Power of Attorney allows you to appoint one or more individuals to act on your behalf under certain circumstances. The person making the Enduring Power of Attorney is referred to as the principal, and the person appointed is known as the attorney.
Under the Powers of Attorney Act the principal may appoint an attorney for financial issues or for personal/health issues. He or she may appoint the same attorney/s for both issues or different attorneys for each.
An attorney can only make decisions about a principal’s health care and general welfare if the principal does not have the capacity to do so.
An Enduring Power of Attorney ‘endures’ even after a principal has lost capacity to make decisions, whether that be a permanent or temporary loss.
A General Power of Attorney is valid only whilst the principal has power to make decisions for themselves, and would usually be used for specific purposes. For example it may be short term whilst the principal is travelling, or it may be used for business or company purposes.
Contact us if you require assistance in the:
WILLS AND ESTATES
The making of a will can be one of the most crucial legal acts of your lifetime. We can provide you with advice to ensure that your wishes are carried out after you pass away. While it is not a legal requirement that you have one, a proper will should assist in preventing any unwanted financial difficulties that may arise where there is no will and disputes arise.
Wills can be varied once they have been made and it is thus not necessary that you make final decisions now that you must abide by for the remainder of your lifetime. You can simply come back and see us should the need arise.
The legalities associated with succession do not cease upon your death. Various issues may arise in the execution of a will. If you are appointed executor of someone’s will or you are otherwise involved in an estate, you should seek our advice in order to ensure your role is performed effectively.
Providing for how your estate is to be dealt with may also include important provisions regarding companies and entities that you may have dealings with in your lifetime.
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