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Wills are one of the most important pieces of paperwork you can do in your life. Drafting up your Will can be an overwhelming process, especially if you have no intention to pass away any time soon!
However, even if you are currently in the best of health you should consider writing your Will and ensure you update it when your circumstances change, e.g. marriage, divorce, changes in financial circumstances. This basic estate planning is essential, regardless of whether you own property and can save your loved ones a lot of heartache and hassle should something happen.
Your Last Will and Testament is only implemented in the event of your death.
If you are ill or injured to a point where you are no longer able to make a decision for yourself, you can empower someone to act on your behalf by appointing them your enduring power of attorney.
Attorneys are generally appointed to make decisions on:
You can appointment anyone over the age of 18 who isn’t a paid carer to be your Attorney. You can also appoint multiple Attorneys to have authority over different decisions that may need to be made.
A POA will remain until it expires as per the stipulations in the document or until the person appointing the POA passes away.
The rules regarding the authority you appoint your attorneys are entirely up to you and we can help you navigate these complex decisions.
Whilst a Power of Attorney may seem relatively uncomplicated, they can in fact be extremely complicated and provide a significant level of power to those appointed. They should not be entered into without serious consideration and we recommended that a lawyer prepare them and they are fully understood by all parties before being entered into.
With many estate administration matters, you will hear the term ‘probate’.
The Supreme Court in Queensland issues a Grant of Probate; which is essentially the courts’ guarantee that the Grant of Probate is the last Will of the deceased and the person who has obtained the grant to administer the estate is confirmed as the executor of this Will.
Probate offers protection for the Executor of a Will, as it means if probate is obtained they will not be personally liable for any mistakes they make when administering the estate.
Many financial institutions require a Grant of Probate before they will close the deceased bank accounts and pay the funds to the estate, to ensure that the Will they are executing is the last and final Will of the deceased and to protect them from having to pay money out twice.
At Rose Jensen Kent Lawyers, we work with executors, administrators, and beneficiaries to understand the rights and obligations of each party. We can advise on how probate and deceased estate administration to meet your obligations and comply with the duties set out by the court and navigate challenges as they arise.
Have a questions?
Call us now (07) 3894 8300
Drop us an email.
lukas.kent@rjkl.com.au