Welcome to the December edition of our Wills & Estates Newsletter.
In this edition our team will report on the following topics:
- What is an executor and who should you appoint?
- Checking in with loved ones over the Holiday period if they have a will?
- Life Estates - What are the Benefits and Risks?
- What is an "Enduring Power of Attorney" and why should I have one?
- Should you have an Appointment of Enduring Guardian?
We trust you will enjoy the read.
Carroll & O'Dea Lawyers Wills & Estates Team
What is an executor and who should you appoint?
Two very commonly asked questions are "what is an executor?" and "who should I appoint?". The answer to "who should I appoint" will depend on the complexity of your estate. The person you choose will need to be capable to carrying out your wishes in accordance with your Will and it would be preferrable to have your executor based in NSW as an executor's role will involve undertaking many tasks around your home and require execution of documents in offices located in NSW.
Checking in with loved ones over the Holiday period if they have a will?
With the Holiday period approaching very soon, it may be worthwhile reaching out to loved ones to check if they have a will and if so, the whereabouts of the original. It can be difficult to have this conversation as a will is private and confidential. But can it be too private? Increasingly there have been examples in our practice where the next of kin of the deceased person did not know if their parent or aunt or uncle etc had a will because it was never spoken about. Even if it was spoken about, the next of kin could not find the original will or know the name of the solicitor who prepared the will for the deceased person.
This article addresses why having a will is essential to ensure smooth administration of your estate with minimal complications and stress for your loved ones.
Life Estates - What are the Benefits and Risks?
Life Estates may be utilised where the testator wishes to control the disposition of the family home through his or her estate rather than leave it to the beneficiary.
They offer several benefits, particularly when it comes to blended families, and situations where the family dynamic may be strained. There are several disadvantages with creating a life interest so careful consideration on this matter must be made to ascertain if this is appropriate for you and your family's circumstances.
What is an "Enduring Power of Attorney" and why should I have one?
"Why do I need an Enduring Power of Attorney, I'm so young?" our answer is simple, to cover any unexpected illness, injury or disability, which might affect your capacity to make decisions. Should this situation occur, it would be an emotional time for your family but decisions may still need to be made as to your finances and other business matters and if there is no document in place appointing an Attorney, your family will need to approach the Guardianship Tribunal in an effort to have an attorney appointed. This can be distressing, time consuming and may be costly.
Should you have an Appointment of Enduring Guardian?
There may come a time when you will need someone to make important health and lifestyle decisions on your behalf. This may be due to a temporary or permanent loss of decision-making abilities from either an illness, injury or disability. It is important to note that this can happen at any stage in your life not just when you are over a certain age. An Enduring Guardian is someone you appoint to legally make lifestyle and health decisions on your behalf when you don't have the capacity to make those decisions yourself.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
