‘Tis the Season to Update Your Will and Enduring Powers of Attorney
By Andrea Olsson, Senior Associate, MST Lawyers
This year has been a milestone year with significant new laws about who can challenge a Will and new forms of Powers of Attorney.
Having an up to date Will and Enduring Power of Attorney are important ways to provide peace of mind to your family in the future. A well thought out Will and Enduring Powers of Attorney can avoid costly litigation arising from poorly drafted or out of date documents.
Importantly, a Will allows you to choose who will benefit from your estate upon your death, appoint a guardian for any minor children, appoint any executors to administer your estate and to deal with any business or trusts.
When updating your Will, it is paramount to consider how to protect the inheritance your adult children receive from their bankruptcy or a breakdown of a de facto relationship or marriage. Clients may incorporate testamentary trusts into their Will to assist with these issues and to provide opportunities to beneficiaries to potentially reduce their tax.
Our Wills & Estates team can assist you in preparing a Will to suit your individual circumstances. You may also consider making a Power of Attorney to appoint someone to make financial, legal, medical and lifestyle decisions on your behalf if you are incapable of making those decisions yourself.
If you require assistance with making a Will or any other estate issues, you can seek advice from one of our Wills & Estates lawyers by emailing email@example.com or by telephone +61 3 8540 0200.