{"id":7666,"date":"2022-10-17T12:06:02","date_gmt":"2022-10-17T01:36:02","guid":{"rendered":"https:\/\/adelaideprivatewealth.com.au\/wills-and-powers-of-attorney\/"},"modified":"2022-10-17T12:06:02","modified_gmt":"2022-10-17T01:36:02","slug":"wills-and-powers-of-attorney","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/wills-and-powers-of-attorney\/","title":{"rendered":"Wills and powers of attorney"},"content":{"rendered":"<div>\n<p>A good estate plan will help make sure your wishes are carried out when you die. It can also help if you become unable to make your own decisions.<\/p>\n<h3>Estate plans<\/h3>\n<p>An estate plan records what you want done with your assets after your death. It can include documents such as:<\/p>\n<ul>\n<li>\n<p>your will<\/p>\n<\/li>\n<li>\n<p>a testamentary trust (as part of your will)<\/p>\n<\/li>\n<li>\n<p>superannuation binding nominations<\/p>\n<\/li>\n<\/ul>\n<p>It also covers how you want to be cared for \u2014 medically and financially \u2014 if you can no longer make your own decisions. This part of your estate plan may be in documents such as:<\/p>\n<ul>\n<li>\n<p>any powers of attorney<\/p>\n<\/li>\n<li>\n<p>a power of guardianship (giving someone the right to choose where you live and to make decisions about your medical care)<\/p>\n<\/li>\n<li>\n<p>an advance healthcare directive (your needs, values and preferences for your future care)<\/p>\n<\/li>\n<\/ul>\n<p>The documents you choose will depend on your situation and what you\u2019re comfortable to trust others with. Get legal advice if you\u2019re not sure.<\/p>\n<p>You must be over 18 and mentally competent when you draw up your estate plan.<\/p>\n<h3>Your will<\/h3>\n<p>A will is a legal document stating what you want to happen to your assets when you die. It is part (but not all) of your estate plan.<\/p>\n<p>Your will can cover things like:<\/p>\n<ul>\n<li>\n<p>how you want your assets shared<\/p>\n<\/li>\n<li>\n<p>who will look after your children if they\u2019re still young<\/p>\n<\/li>\n<li>\n<p>any trusts you want to set up<\/p>\n<\/li>\n<li>\n<p>how much money you\u2019d like to give to charities<\/p>\n<\/li>\n<li>\n<p>plans for your funeral<\/p>\n<\/li>\n<\/ul>\n<p><em>Smart Tip: It\u2019s important to have an up to date will. If you die without one, the law decides who will get your assets \u2014 and this may not be who you wanted.<\/em><\/p>\n<p><strong>Making your will<\/strong><\/p>\n<p>You can get your will written by a solicitor (for a fee) or by a Public Trustee. A Public Trustee may not charge if you:<\/p>\n<ul>\n<li>\n<p>are a pensioner or aged over 60, or<\/p>\n<\/li>\n<li>\n<p>nominate them to carry out the instructions in your will (that is, to be your executor)<\/p>\n<\/li>\n<\/ul>\n<p>The rules vary, so visit the Public Trustee office website for your state.<\/p>\n<ul>\n<li>\n<p><a class=\"external-link\" href=\"https:\/\/www.ptg.act.gov.au\/\" target=\"_blank\" rel=\"noopener\">Australian Capital Territory public trustee and guardian<\/a><\/p>\n<\/li>\n<li>\n<p><a class=\"external-link\" href=\"http:\/\/www.tag.nsw.gov.au\/\" target=\"_blank\" rel=\"noopener\">New South Wales trustee and guardian<\/a><\/p>\n<\/li>\n<li>\n<p><a class=\"external-link\" href=\"http:\/\/www.nt.gov.au\/justice\/pubtrust\/index.shtml\" target=\"_blank\" rel=\"noopener\">Northern Territory public trustee<\/a><\/p>\n<\/li>\n<li>\n<p><a class=\"external-link\" href=\"http:\/\/www.pt.qld.gov.au\/\" target=\"_blank\" rel=\"noopener\">Queensland public trustee<\/a><\/p>\n<\/li>\n<li>\n<p><a class=\"external-link\" href=\"https:\/\/www.publictrustee.sa.gov.au\/\" target=\"_blank\" rel=\"noopener\">South Australia public trustee<\/a><\/p>\n<\/li>\n<li>\n<p><a class=\"external-link\" href=\"https:\/\/www.publictrustee.tas.gov.au\/\" target=\"_blank\" rel=\"noopener\">Tasmania public trustee<\/a><\/p>\n<\/li>\n<li>\n<p><a class=\"external-link\" href=\"http:\/\/www.statetrustees.com.au\/\" target=\"_blank\" rel=\"noopener\">Victoria state trustee<\/a><\/p>\n<\/li>\n<li>\n<p><a class=\"external-link\" href=\"http:\/\/www.publictrustee.wa.gov.au\/\" target=\"_blank\" rel=\"noopener\">Western Australia public trustee<\/a><\/p>\n<\/li>\n<\/ul>\n<p>If you use an online will kit, get it checked by a solicitor or Public Trustee. They can make sure it\u2019s been done properly. If your will isn\u2019t done properly, it will be invalid.<\/p>\n<p>Make sure you put your will in a safe place and tell someone close to you where it is.<\/p>\n<p><strong>Updating your will<\/strong><\/p>\n<p>It\u2019s important to update your will as your situation changes \u2014 for example, if you:<\/p>\n<ul>\n<li>\n<p>get married<\/p>\n<\/li>\n<li>\n<p>divorce or separate<\/p>\n<\/li>\n<li>\n<p>have children or grandchildren<\/p>\n<\/li>\n<li>\n<p>have a significant financial change<\/p>\n<\/li>\n<li>\n<p>lose your spouse (or someone else who is named in your will) through death<\/p>\n<\/li>\n<\/ul>\n<p><strong>Super and your will<\/strong><\/p>\n<p>A binding nomination directs who your super fund trustee gives your super benefit to when you die. If you don\u2019t nominate someone, the super fund trustee will decide who your money goes to.<\/p>\n<p><strong>Family trusts and your will<\/strong><\/p>\n<p>If you have a family trust, it continues after your death. The trust determines who gets your assets, even if your will says something different.<\/p>\n<p><strong>Testamentary trusts<\/strong><\/p>\n<p>A testamentary trust is a trust that is written in your will. It takes effect when you die, and it\u2019s administered by a trustee, who you usually name in your will.<\/p>\n<p>The trustee looks after your assets until your beneficiaries can get them. This is set out in your will, and is either when:<\/p>\n<ul>\n<li>\n<p>a child reaches a certain age, or<\/p>\n<\/li>\n<li>\n<p>a beneficiary achieves a specific goal (for example, they get married or earn a particular qualification)<\/p>\n<\/li>\n<\/ul>\n<p>You may want to consider setting up a trust if your beneficiaries:<\/p>\n<ul>\n<li>\n<p>are minors (under 18), or<\/p>\n<\/li>\n<li>\n<p>have diminished mental capacity, or<\/p>\n<\/li>\n<li>\n<p>may not use their inheritance well<\/p>\n<\/li>\n<\/ul>\n<p>Another reason to consider a trust is to avoid family assets being:<\/p>\n<ul>\n<li>\n<p>split as part of a divorce settlement, or<\/p>\n<\/li>\n<li>\n<p>part of bankruptcy proceedings<\/p>\n<\/li>\n<\/ul>\n<h3>Powers of attorney<\/h3>\n<p>A power of attorney is a document where you give someone else the legal right to look after your affairs for you.\u00a0It\u2019s important to nominate someone that is trustworthy, financially responsible, and likely to be around when you need them.<\/p>\n<p><span>Each Australian state and territory allows for the appointment of an enduring power of attorney. However, each jurisdiction has separate and distinct legislation.<\/span><\/p>\n<p>There are different types of powers of attorney:<\/p>\n<p><strong>General power of attorney<\/strong><\/p>\n<p>This allows someone to make financial and legal decisions for you. It\u2019s usually for a specified time \u2014 for example, if you\u2019re overseas and can\u2019t manage your affairs at home.<\/p>\n<p>If you become unable to make decisions yourself, a general power of attorney becomes invalid.<\/p>\n<p><strong>Enduring power of attorney<\/strong><\/p>\n<p>An enduring power of attorney (or EPA) allows someone to make financial and legal decisions for you. If you become unable to make decisions yourself, an enduring power of attorney will still be valid.<\/p>\n<p><strong>Medical power of attorney<\/strong><\/p>\n<p>This allows someone to make medical decisions for you if you ever become unable to do so yourself. It doesn\u2019t allow them to make other kinds of decisions.<\/p>\n<h3>Legal and financial housekeeping<\/h3>\n<p>It will help your family and your executor if you list all the documents you have and where they\u2019re kept.<\/p>\n<p>As well as the documents talked about above, other key documents to keep handy are:<\/p>\n<ul>\n<li>\n<p>birth certificate<\/p>\n<\/li>\n<li>\n<p>marriage certificate<\/p>\n<\/li>\n<li>\n<p>life insurance<\/p>\n<\/li>\n<li>\n<p>medical insurance<\/p>\n<\/li>\n<li>\n<p>Medicare card<\/p>\n<\/li>\n<li>\n<p>pensioner concession card<\/p>\n<\/li>\n<li>\n<p>house deeds<\/p>\n<\/li>\n<li>\n<p>home and contents insurance<\/p>\n<\/li>\n<li>\n<p>deeds and insurance policies for any other real estate you own<\/p>\n<\/li>\n<li>\n<p>bank account details<\/p>\n<\/li>\n<li>\n<p>superannuation papers<\/p>\n<\/li>\n<li>\n<p>investment documents (securities, share certificates, bonds)<\/p>\n<\/li>\n<li>\n<p>prepaid funeral plans<\/p>\n<\/li>\n<\/ul>\n<p>Contact us on [phone] today if you would like to discuss any of the information outlined above.<\/p>\n<p><span><span style=\"font-size: 10px\">Source:<br \/>Reproduced with the permission of ASIC\u2019s MoneySmart Team. This article was originally published at\u00a0<a href=\"https:\/\/moneysmart.gov.au\/wills-and-powers-of-attorney\" target=\"_blank\" rel=\"noopener\">https:\/\/moneysmart.gov.au\/wills-and-powers-of-attorney<\/a><\/span><span><\/span><\/span><\/p>\n<p><span style=\"font-size: 10px\">Important note: This provides general information and hasn\u2019t taken your circumstances into account.\u00a0 It\u2019s important to consider your particular circumstances before deciding what\u2019s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete.\u00a0You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.\u00a0 Past performance is not a reliable guide to future returns.<\/span><\/p>\n<p><span style=\"font-size: 10px\">Important<\/span><br \/><span style=\"font-size: 10px\">Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents\/information contained within the linked site(s) accessible from this page.<\/span><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/latest-articles\/wills-and-powers-of-attorney\">Wills and powers of attorney<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/\">MLC Contemporary<\/a>.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\" rel=\"noopener\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A good estate plan will help make sure your wishes are carried out when you die. It can also help&#8230;<\/p>\n","protected":false},"author":4,"featured_media":7686,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wills and powers of attorney - Adelaide Private Wealth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/adelaideprivatewealth.com.au\/wills-and-powers-of-attorney\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"asim_stellar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/adelaideprivatewealth.com.au\/wills-and-powers-of-attorney\/\",\"url\":\"https:\/\/adelaideprivatewealth.com.au\/wills-and-powers-of-attorney\/\",\"name\":\"Wills and powers of attorney - 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