Wills, Powers of Attorney and Enduring Guardianship.
We recommend that all clients have 3 key estate planning documents in place, a Will, a Power of Attorney and an Enduring Guardianship.
Bye Law Solicitors offer one of the most cost-effective ways to obtain a Will in the Wollongong, Shellharbour and South Coast areas.
Having a Will is the most effective way to distribute your estate, which makes things easier for your family and beneficiaries in what is always a tough time of transition. For this reason, we always recommend to keep your Will up-to-date and review it periodically.
We can make sure that your family future is secure and your wishes are met.
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 Donor 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 Donor 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.
Similar to a Power of Attorney, an Enduring Guardian can be appointed to make decisions for you in the event you lose the capacity to do so for yourself. The Power of Attorney is able to make financial decisions on your behalf. The Enduring Guardian is able to make decisions regarding your health, lifestyle and medical needs.
The NSW Guardianship Act allows you to nominate which decisions you want your Enduring Guardian to make (in terms of personal and lifestyle decisions) on your behalf when you are not capable of making those decisions yourself.
Give yourself peace of mind and contact us today for expert estate planning advice.