There comes a time every person needs to think about providing for their children or relatives. Whether you have recently separated or divorced, have just had a baby, want to leave your business or farm, selling up, retiring or relocating for health reasons, it is very important to have a succession plan in place.
Having a Will prepared is the only way to ensure your loved ones benefit from your assets.
For the most important decisions of your life, risking your wishes by using a Will kit purchased online or at the local Newsagency is unacceptable and leaves your loved ones and your Estate exposed.
Shelly Legal are able to assist you with your Wills matter, including:
- Preparation of your Will.
- An assessment of assets.
- Assessment of likely taxation.
- Advice regarding the possibility of claims against the estate by relatives or third parties.
- The protection of assets.
If you are concerned as to who may make decisions for you in circumstances where you are mentally or physically unable to do so, we regularly prepare Powers of Attorney and Appointment of Enduring Guardians.
A Power of Attorney is a legal document whereby one person grants another person the authority to make legal and financial decisions on their behalf. A Power of Attorney can be used in several ways – from having another take care of your affairs whilst travelling to times of extended illness.
An Enduring Power of Attorney takes this a step further, whereby the person nominated to manage the affairs (also called the “Donee”) may continue to manage the affairs once the person giving the power (also called the “Donor”) is found to have diminished mental capacity due to injury or illness. This arrangement can remain in place as long as the donor is still alive.
Powers of Attorney can be prepared in two ways – to come into effect immediately and to continue once the Principal suffers a loss of capacity; or to come into effect at a future time (such as the onset of mental incapacity).
In order to sign a Power of Attorney, the Principal must be capable of understanding the nature of the document they are signing and its effect. It is therefore important in situations where a Power of Attorney must be appointed that it is done so in a timely manner.
An Appointment of Enduring Guardians is a legal document whereby you grant the right to make decisions in regard to your health and living arrangements to another person. This comes into effect only when you are deemed to have lost the ability to make decisions for yourself. It gives your guardian the right to speak to health professionals about your medical situation and also to make the decisions necessary to carry out your wishes in regard to medical treatment options.