The COVID-19 pandemic has shown us all how quickly normal life can change. We have received many inquiries from people during lockdown wanting to ensure that their affairs are in order. Now that we are open for face-to-face consultations again for fully-vaccinated clients (appointments are available for ALL clients after 1 December 2021), we encourage clients to review their Estate Planning and take steps to make any updates that are required.
Ensuring that your Estate Planning is up-to-date is the best way to protect both yourself and your loved ones in the future.
What is Estate Planning?
Estate Planning requires a holistic approach in considering a person’s present circumstances and foreseeable future. It ensures that when you pass away, your loved ones are provided for and your assets are distributed according to your wishes.
Estate Planning also involves managing your affairs while you’re still alive to ensure that you’re protected, and continue to be protected, in the event that you lose the capacity to make important decisions for yourself.
Will
A Will is one of the most important documents you will ever sign. It outlines how your assets are distributed and nominates a person, known as the Executor, to manage and distribute your estate after you pass away.
Having a valid Will is the best way to ensure that your wishes are maintained and your estate is distributed to your loved ones.
Power of Attorney
A Power of Attorney is a document which allows you to appoint a person (the Attorney) to make financial and legal decisions on your behalf.
Nominating an Attorney gives you peace of mind knowing that someone you trust will be able to make important financial and legal decisions for you when you are unable to make them yourself.
Enduring Guardianship
An Enduring Guardian is a person you appoint to make health and lifestyle decisions on your behalf, when you are unable to do so yourself.
This includes decisions such as where you live, what services are provided to you at home, and what medical treatment you receive, including palliative care or life-extending treatments.
An Enduring Guardianship only comes into effect if you are incapable of making those decisions for yourself. It is a good way to plan for future unpredictable situations.
If you would like to speak with one of our friendly Estate Planning lawyers to discuss your own affairs, please Contact Us on (02) 4943 3988. We have years of experience helping people throughout the Newcastle, Lake Macquarie and Hunter region.
This blog was written by Associate,
Jessica Benson
Jessica practises in the areas of Family Law, Wills & Estate Planning,
Deceased Estates and Will disputes
