Having a will and an enduring power of attorney is crucial for anyone who wants to ensure that their wishes are carried out and their loved ones are protected in the event of incapacity or death.
A will is a legal document that outlines how a person’s assets will be distributed after death. Without a valid will, a person is considered to have died intestate and the distribution of assets is governed by the Succession Act 1981 (QLD). This can lead to assets being distributed in a way that the deceased person may not have intended and can result in disputes among family members which can be time consuming and expensive to resolve.
Having a will allows a person to specify exactly how their assets should be distributed and can include instructions around specific assets and gifts, the care of minor children, the care of pets and the allocation of debt and liabilities.
An enduring power of attorney is a legal document that allows a person to appoint someone to make decisions on their behalf if they become unable to do so. This can include decisions about financial and legal matters, as well as health care decisions. Without this document, if a person becomes incapacitated, their loved ones may need to apply to the court for permission to make decisions on their behalf. This can be a time-consuming and stressful process. Having an enduring power of attorney in place can provide peace of mind for both the person who made the enduring power of attorney and their loved ones.
Estate planning may not be the most pleasant task but it will provide peace of mind for you and your loved ones and ensure that your wishes are carried out as you intended.