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July 19, 2019
How do you want your possessions to be divided when you pass away?
Whether you know it or not, you own an estate. Your car, your home, mobile phone, savings account, and even your favourite pen — these are all part of your estate.
When the day comes that you depart from this world, you want to make sure the right people get the right things, at the right time. This could mean giving your car to your son when he turns 18, passing your investment portfolio to your spouse straight away, or even leaving your watch for your brother.
While this is a sensitive topic, you need to make sure you have it sorted, so…
#1. Have a valid will
This means you need a will that:
✓ Is written by hand or typed
✓ Signed by you or by someone else at your direction in your presence
✓ Two or more witnesses must be present at the time of signing
✓ Two or more of the witnesses present must sign the will in the presence of the will-maker
✓ You must intend to carry out the will
If you don’t have a valid will, your assets will be distributed according to the interstate order of inheritance.
Click here to find out more about the implications of not signing your will properly.
#2. Organise an ‘Enduring Power of Attorney”
When you pass away, or if you become unable to make decisions on your own accord, having an enduring power of attorney means that the person to entrust this with will have the power to make your decisions for you.
This includes making decisions in regards to healthcare and finance.
You can pass this power to anyone who is over the age of 18 and who have full legal capacity. Meaning that they must be aware of what they are signing when becoming appoint them your enduring power of attorney.
Note: You must appoint this person while you are in full legal capacity as well.
#3. Do it NOW
It’s too easy to push away the thoughts of death and leave your estate planning until later.
Even if you’re young and in perfect health, it’s a good idea to have a plan in place. In the unfortunate case that individuals unexpectedly pass away, you want to make it as easy for your loved ones as possible.
This means not leaving them with a legal mess (dividing your assets).
Need help with your estate planning or someone else’s?
Get in touch with our experts today.
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