During the COVID-19 pandemic, it is a warning to have your estate planning needs up to date and although death is never an easy topic to talk about, it is important to plan ahead.
A well written Will ensures that those whom you care about are looked after when you pass away. It safeguards your assets and will help protect your loved ones during a most vulnerable time. It is best to check that your Will is up to date and that if reflects your wishes.
Power of Attorney
This gives another person authority to make decisions about your financial affairs if you are incapacitated or absent. It’s particularly important if your affairs are complicated, or if you have a self-managed superannuation fund.
An enduring guardian makes decisions about your medical and health decisions in the event you are unable to. You can also provide directions to your guardian in relation to resuscitation and life support.
Advance Health Directive
This document sets out your instructions about your health care if you are not able to make decisions yourself. It is particularly relevant to the final stages of life, with little prospect of recovery. It is executed in consultation with your doctor, who will explain all the ramifications to you, and certify that they have done so.
Your superannuation is not always distributed in accordance with the terms of your Will. The trustee of your fund may have a say on where the money goes. You can execute a Binding Death Benefit Nomination which, if properly drawn, will require the trustee to act in accordance with your wishes.
Please contact our office on 13 535 57 and speak to one of our experienced and compassionate estate planning lawyers.
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