When it comes to death and dying, if nothing else, ensuring your legalities are in order is of crucial importance. Once you’re gone, you can’t change anything and whatever is in place upon dying is what will result!
It’s tough to think about, but making sure your power of attorney, your will, any estate planning or testaments are legally drawn up and structured in a way that ensures your wishes are followed once death has occurred.
We don’t pretend to know about legal matters, but we do know that it is good advice to speak to a lawyer about your matters. This is particularly important if you have complex life and ownership over assets. Things you may need to consider include:
Power of Attorney
This is a legally binding document that gives a person of your choosing the right to make personal decisions relating to health and welfare and/or financial decisions related to the management of your finances on your behalf.
Will or Testament
This legal document clearly outlines your wishes when it comes to the distribution of your assets after death. It is imperative that your will is legally valid and up-to-date before dying to ensure the best results are achieved.
This generally falls under your will but is more complex and includes the preparation of wealth and asset transfer after death, It can include real estate, cars, life insurance, superannuation, pensions, debt, personal belonging and more. Estate planning is discussed more detail in Financial Matters.
We know that when it comes to death and dying and legal matters, crossing the T’s and dotting the I’s, can make all the difference. Law is a specialist field, and you need to find someone you trust to make sure you achieve the results you need. If you don’t already have a lawyer in place, it is a very personal decision on who to choose. As Sunshine Coast locals in Queensland, we trust the team at McColm Matsinger Lawyers.
If you have had a good experience or even a bad experience when managing your legalities, please share it with us as it’s a great way for our community to learn.
6 Things You Must Know About Making A Will
After 18 years of age, everyone should have a Will. For all of us, there is an emotional element to address when making a Will and an understanding of the essential elements, including estate planning, is critical in creating this important protection for our loved ones following a death.
Superannuation & Death
Because your Superannuation is your nest egg, some of it will still be there when you die.
The last two decades have seen a monumental change in the role of Superannuation in the lives of most Australians. Public education and the need for us to provide for self-retirement and compulsory employer Superannuation levies have contributed greatly to this massive change and it’s important to be across this, dying or otherwise.
What You Must Know About Powers Of Attorney
A Power of Attorney is a legal document authorising another person to make decisions on your behalf.
There are two types of Power of Attorney (General or Enduring) but if you are appointing the same persons to act in financial as well as personal/health matters then you need only one – an Enduring Power of Attorney.
Any Power of Attorney ceases to have effect when the giver of the Power of Attorney dies. At that time the deceased person’s Will takes effect.