Why Do I Need A Will?
Your Will sets out what you would like to happen to your worldly possessions and assets once you leave this mortal coil, you can leave specific things of sentimental or other value to specific loved ones whilst still providing for your family.
Without a valid Will the court will decide according to the Succession Act and it may not be what you wanted.
What Is An Executor?
This person carries out your wishes according to your Will. This is one of the most important roles for anyone to have in your end-of-life planning. We find that most people asked, are honoured to carry out this role.
What Is An Enduring Power Of Attorney And Why Do I Need It?
This document is required whilst you are alive but, in the event, you cannot make decisions for yourself, an Enduring Power of Attorney sets out who will make decisions about your financial affairs, this can include operating bank accounts, paying bills and for example, selling your home if you need to go into care. This power can however be tailored to your specific requirements.
What Is An Appointment Of Enduring Guardian And Do I Need It?
This document is also required whilst you are alive, but in the event, you cannot make decisions for yourself, an Appointment of Enduring Guardian documents sets out who will make decisions about your lifestyle, healthcare, personal care and medical care when you are unable to do so for yourself.
The Appointment should be someone that you trust.
What Is Probate And Letters Of Administration?
After your passing, the Executor of your Will, will administer your estate, carry out your wishes and finalise your worldly affairs according to the law.
The first step in this process is applying to the Supreme Court of NSW for Probate by sending the original Will, it is only after Probate has been granted that the Executor can properly undertake their role.
If you die without a will (intestate), somebody has to apply to finalise your worldly affairs whilst not knowing what you wanted. This process is called applying for Letters of Administration, which also involves the Supreme Court of NSW. The rules of how your assets will be divided are set out in legislation. This can result in unintended outcome for example; ex-partners inheriting your estate and your children missing out.
What Happens Without These Documents?
If you do not have these documents, other people will make decision for you, those decisions may not be what you would have wanted and the process may be unnecessarily time consuming and far more expensive than it need to me. We have also found that without these documents there will be a fight about what your intentions were, it is common for a rift to develop between family members, who each claim that they alone, know what your wishes were.