The 3 parts of "Estate Planning"
- May 18, 2019
- 3 min read
Estate planning can be difficult and confronting, but understanding what it entails should make a big difference and hopefully get you moving to get things in order…
What is estate planning and what documents are involved?
Well, its documentation, in written form, which you put in place to speak on your behalf when you can no longer physically speak for yourself.
Enduring Power of Attorney
1. “I’m alive… but I can’t speak for myself anymore…”
Whatever the reason may be…
· Incapacity
· Health related reasons
· Absence due to a long overseas trip or vacation to a remote destination
· Needing to be at two different places at the same time
In these circumstances you will need an Enduring Power of Attorney document in which you as the Principal appoint one or more Attorneys to make decisions for you or simply act for you. In terms of the Enduring Power of Attorney the Attorney can sign contracts for you, make payments on your behalf, make enquiries on your behalf at institutions such as Centrelink, Medicare, Banks, care facilities etc.
Advance Health Directive
2. “I’m alive… I can’t speak for myself… but I have specific requirements as to what kind of health care or treatment I want…”
You need to complete an Advance Health Directive while you still have the mental capacity and physical ability to do that.
In this document you stipulate what kind of medical treatment you wish to receive and perhaps more importantly so… what kind of medical treatment you don’t want to receive.
Yes… your Attorney in terms of the Enduring Power of Attorney document will have the ability and right to make those type of decisions for you… but hey… why not make it easier for your Attorneys by indicating in your Advance Health Directive what you want and what you don’t want and avoid burdening your Attorney with the complicated and intricate emotional baggage to make serious life decisions for you when you could have taken control about those things while you still had the capacity to do so.
An Advance Health Directive is a very important document and you can get further reading material here … https://publications.qld.gov.au/dataset/power-of-attorney-and-advance-health-directive/resource/6a3af073-cdba-4b82-8de7-eabe65950c24
Will
3. You’ve passed on… you need a Will.
It sounds corny but its obvious… you can only make a Will during your lifetime… and while you have the mental capacity to do so and the physical ability as well.
It may be an emotional process that you have start but our team at Baldwins Lawyers are there to help you through this process and make it as easy as possible for you.
Aspects to consider when making a Will…
· Who will be the executors?
· Who will receive special gifts from me?
· Who will receive the remainder of my estate?
· Are there any minor children who will inherit from me and if indeed… at what age do I want them to receive their benefit?
· Who will be my children’s legal guardian?
Last aspect to consider with regards to your Estate Planning Documents… regularly review these documents to ensure that they reflect your current wishes.
The lawyers at Baldwins Lawyers - Mary Valley Law can assist you through the process of getting your estate planning documents in order and not only assist you… but make it easy and take all the stress out of the process for you.
Call us on 07 5482 2444 to make an appointment to discuss your estate planning requirements.
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