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What is estate planning?
Estate planning involves making arrangements for what happens to your assets, finances and personal affairs if you die or lose capacity. It commonly includes preparing a will, appointing decision makers and planning to minimise disputes and uncertainty for your loved ones.
Why do I need a will and who can make a will?
A will sets out how you want your assets to be distributed after your death and who will manage your estate. Generally, anyone aged 18 or over with legal capacity can make a will. A lawyer can help assess capacity and ensure the will is legally valid.
What happens if I die without a will?
Without a will your estate is distributed under state legislation. This can lead to delays, additional costs and may not be according to your wishes or family circumstances particularly in blended families or where there are step-children or dependants.
When should I engage a lawyer to prepare my will or about estate planning?
It is never too early to seek advice. Speaking to a lawyer can help to ensure your documents are valid, reflect your wishes and take into account your personal, family and financial circumstances.
What is an executor, what do they do and who should I appoint?
An executor is the person you appoint in your will to administer your estate. Their role includes applying for probate, collecting assets, paying debts and taxes and distributing the estate in accordance with the will. You can appoint more than one executor. Any person over the age of 18 can be appointed as your executor and they could be a friend, family member or a professional executor such as a solicitor or trustee company. A beneficiary under the will may also be an executor.
Can someone challenge a will?
In certain circumstances an eligible person may make a claim that a will does not make adequate provision for them. Proper estate planning and legal advice can help reduce the risk of disputes or challenges.
What is a power of attorney and why is it important?
A power of attorney allows you to appoint someone to make financial and legal decisions on your behalf if you are unable to do so. It is an important part of estate planning and operates during your lifetime, not after death.
What is an enduring guardian and why should I appoint one?
An enduring guardian is someone you appoint to make personal, lifestyle and medical decisions for you if you lose capacity. This can include decisions about healthcare, accommodation and services.
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.
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