Wills and Elder Law

Planning for your senior years and putting your affairs in order is an important process. It can provide you with peace of mind of knowing that your wishes will be carried out when you die or should you become unable to make your own decisions.

It can also help to ensure that your family and friends are not burdened with additional stress and uncertainty when they’re called upon to assist if you lose capacity or upon your death.

A Will is a binding legal document that comes into effect after your death and details your instructions as to who is to administer your estate as your Executor, names the beneficiaries who are to inherit your assets and money and may include further details such as your plans for the ongoing care and upbringing of your children if they are still young and even plans for your funeral.

According to the Succession Act (NSW), if you die without having made a proper Will your assets and estate will be divided between your close family members in accordance with a statutory scheme set out in the Act. The exact operation of the Scheme will depend on your particular family circumstances but the result may well be very different from anything that you had in mind.

Your Will should be reviewed regularly and updated if your personal situation changes as a result of marriage or separation/divorce, arrival of children or grandchildren, significant financial change or the death of someone named in your Will.

Elder Law includes planning for the possibility that you may become ill or mentally incapacitated at some time in your life and includes the appointment of substitute decision-makers to ensure that your financial, legal and personal needs are addressed if you are unable to make decisions or act for yourself.

The most common substitute decision making documents are:

• An Enduring Power of Attorney. This is a document that gives the person or persons you appoint the power to make decisions on your behalf in relation to your financial and legal affairs.
• An Enduring Guardian is the appointment of a person or persons to make health and lifestyle decisions on your behalf if you are unable to make decisions for yourself. This commonly includes the right to make decisions regarding where you live, the right to make decisions regarding your medical or dental treatment and the power to arrange personal services for you.

It is crucial that you discuss the need for an Enduring Power of Attorney and Enduring Guardian with your solicitor before you actually need them as you solicitor has to establish that you understand the effect of the documents you are signing and the appointments you are making.

Our team at Garden & Montgomerie are ready to answer any questions you might have and to help you prepare your Will, Enduring Power of Attorney and Enduring Guardian. Call us today to make an appointment.