A will is something no-one likes to think about
However, it is a very important document setting out how you wish to distribute what you own and it takes effect when you die. It can cover things like how your assets will be shared, who will look after your children if they are still young, how much money you would like donated to charities and even instructions about your funeral.
It is possible to prepare your own Will with a Will Kit; however, complications can arise. Such complications can include:
- You may not have clearly set out your intentions, therefore may not have considered possible challenges available to certain relatives under the Administration and Probate Act.
- The will may not be legal if it was not witnessed and executed as required by the Wills Act 1997 (VIC);
By having your Will prepared correctly, it will give you peace of mind that the requirements of the law have been met and no foreseeable complications will make this time harder for your family.
Power of attorneys
A Power of Attorney is a legal document that is used for you to authorise another person to act on your behalf in certain circumstances.
The most common is an Enduring Power of Attorney (Financial). Once accepted by your representative, this will give that person (or people) authority to make financial decisions on your behalf. This power will only come into effect when it is signed and accepted and continues to operate until it is revoked or the person giving the power is deceased. It is advisable to arrange for a Power of Attorney whilst you are still capable of managing your own affairs. The Power can be granted to a trusted family member or friend to ensure that if you ever lost the ability to manage your affairs the person you appoint can step in.
An Enduring Power of Attorney (Medical Treatment), is the other common Power of Attorney. This document will allow you to appoint a person to make decisions about medical treatment on your behalf if you lose the ability to communicate your wishes. Your Attorney can be a family member, friend or professional person and should be someone you trust to make medical decisions on your behalf. It is best to speak to your Attorney and advise them of your medical wishes to ensure they understand what your wishes would be in an emergency.