Wills, Power of Attorney & Estate Planning
Prepare for the future by organising your will
selecting your power of attorney & planning your estate
It’s not a topic we like to think about, but at some point, we all will pass away. And when that happens, it’s important to have a plan in place for our loved ones. That’s why making a will is such an important legal task. A will is a legally binding document that outlines your wishes for what should happen to your estate after you die. Without a will, the state will make those decisions for you - and your family will have to go through the courts to sort everything out. That can be a long and expensive process. But if you take the time now to make an effective will, you can save your family not only stress but money in what will undoubtedly be a difficult time for them.
Of course, wills are just one part of estate planning. You may also want to consider giving someone power of attorney or creating a trust. And no matter what your plans are, it’s always best to consult with a legal professional to ensure that everything is airtight. At Williams & Lay, we specialise in wills and estate planning. We can help you determine what’s best for your situation and then draw up the necessary documents to ensure your wishes are fulfilled.
Wills prepared & estates planned by experienced lawyers
At Williams & Lay Lawyers’ our will and estate planning lawyers can help:
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Advise you concerning estate and probate laws
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Write a will that maximises the inheritance for your family
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Set up family and testamentary trusts
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Advise you in regard to choosing executors and guardians
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Minimise the chance that your will is contested and subject to litigation
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Safely store your will and other important legal documents
Electing a Power Of Attorney
At Williams & Lay, we understand the importance of preparing for all possible eventualities. That’s why, in addition to preparing a Will, we also recommend putting in place plans for any future incapacity through electing a Power of Attorney and creating Guardianship documents. This way, if you somehow become unable to make decisions about your finances, medical treatment or living arrangements, the person or persons you trust to make these decisions can do so unhindered. Estate planning can be a complex process, but our experienced team is here to guide you through every step of the way.
How to make a will
There is no one answer about how to do your will. It all depends on your assets, your circumstances and who your beneficiaries will be. You need to make a will that makes your wishes clear, avoids confusion and conflict amongst your loved ones, and is legally valid and binding. Doing this will protect your family and friends from costly and stressful legal disputes.
Who will be your executors?
Your executors have the legal and administrative task of sorting out your assets and debts after you die and ensuring that your wishes as outlined in the Will are upheld.
Who will be your beneficiaries & what effect will their inheritance have on their circumstances?
You can designate anyone as a beneficiary and distribute your assets in any way you like; however, if you don’t provide for your family and dependents, your will can be contested, and your hard-won assets used on litigation fees.
You should also consider the effects that an inheritance may have on your beneficiaries. In some cases, a testamentary trust can sidestep potential taxation problems, so it’s crucial that you get specific advice about your situation.
How do you know a will is valid?
To be valid, the person making the will must be mentally competent, the will must be correctly signed and witnessed, and show no evidence of tampering. The witnesses to the will cannot be beneficiaries or related to beneficiaries and must be over 18.
If there is any doubt or potential for dispute as to your mental competence, you should get a doctor’s confirmation of your capacity to make the will and include it with your Will.
How often should I review my will?
You should certainly review your will after any major events, such as marriage, divorce, property purchase or sale, death of a beneficiary or if your assets change significantly. We also recommend that you take a look at your will every couple of years just to make sure that it is still the best instrument for you and for your family.
We know the potential pitfalls and will ask you all the right questions to make sure that you have considered every possibility. We can advise you as to whether you would be best with a Will or a Testamentary Trust. We can design your Will in such a way to help protect your family from expensive estate litigation after your death, and we can safely store your will in our secure vault.Contact us to discuss your particular situation and your family’s needs with an experienced will lawyer at our practice in Lilydale.
A legal document that allows you to appoint someone to make financial or legal decisions on your behalf. Williams & Lay Lawyers can help you with the four types of Powers of Attorney used in Victoria:
Power of Attorney (POA)
General Power of Attorney
appoints someone to make financial and legal decisions on your behalf for a specific period of time, for example, if you are overseas and need someone to manage your financial affairs while you are away.
Enduring Power of Attorney (Financial)
is used to appoint someone to make legal and financial decisions for you in the event you lose the capacity to make those decisions yourself.
Appointment of Medical Treatment Decision Maker
document is used to appoint someone to make medical treatment decisions on your behalf if you cannot make them yourself.
Enduring Power of Guardianship
is used to appoint someone to make personal and lifestyle decisions on your behalf, such as your living arrangements if you have lost the ability to make decisions for yourself.
Things you should know
Who can make a power of attorney or guardianship?
Anyone over the age of 18 who has the capacity to understand the nature and consequences of the document, who makes the decisions in the document of their own free will and who can communicate clearly what those decisions are.
When should I make a power of attorney & appointment of enduring guardianship?
Before you need them! These documents safeguard your interests in the event of something unforeseen – an accident or illness that purloins you of your capacity to make decisions for yourself. It is better to be prepared and confident in knowing that the person you choose will be making important decisions about your money, your living arrangements, and your health.
When does it start?
For a Power of Attorney (Financial), it begins when you nominate that it should. Powers of Attorney (Medical Treatment) and Powers of Attorney (Guardianship) only commence when you are unable to make your own decisions
Who should I appointment to be my attorney or guardian?
You need to appoint someone your trust to make the right decisions. With a General Power of Attorney and an Enduring Power of Attorney (Financial), you can appoint more than one person to make the decisions jointly.
What are the legal responsibilities of my attorney?
They are legally responsible to you and must act in your best interests. While you have mental capacity, they must obey your instructions. They cannot give gifts to themselves or anyone else unless you specifically authorise this. They must keep their finances and money separate from yours, keeping accurate records of all of their dealings with your money.
Who should i talk to about organising my power of attorney?
It’s imperative that you discuss these documents with a lawyer who can give you professional advice about your particular circumstances. It’s also vital that you discuss your wishes with your family to avoid unnecessary conflict and stress.
Do I need a witness?
Yes, these documents need to be witnessed by a person with statutory authority, such as a solicitor or Notary Public.
Can I change my mind?
Yes, as long as you still have the decision-making capacity to do so, you can revoke or change these documents. This has to be done in a legally binding way, however, so please seek legal advice.