What Isolation Plans Will You Make?
While most Australian’s are stocking up on toilet paper and hand sanitizer, some are making plans to protect their families financially. All Australians with assets must have an estate plan. If you have not made a will or have an estate plan in place now is the time to prepare one.
Do you have a valid will?
Have you reviewed your will recently? Do you know who your executors and beneficiaries are? Have your circumstances changed since you made your will? Now is the time to consider whether your existing will protects your family and foresees any potential challenges against your estate. It is imperative you review your will to ensure that the contents meet your needs and wishes.
Enduring Power of Attorney
Have you had an enduring power of attorney prepared? If not, now is the time to do so. An Enduring Power of Attorney is a document in which you can appoint a person (or more than one person) to make both financial and health decisions on your behalf if you are incapacitated (including temporarily) due to accident or illness.
If you have an enduring power of attorney you should review it to consider whether your attorneys remain appropriate and whether it deals with your assets, including superannuation and potential conflict transactions adequately.
If you suffer from a medical condition or have concerns about how you might be treated if you are hospitalised, you may also wish to consider an advanced health directive.
Did you know the assets held by your family trust do not form part of your estate? This means the assets cannot pass onto your beneficiaries under your will. Any monies owed to beneficiaries or by beneficiaries to the Trust will also impact your estate plan. It is also essential that the relevant documents are prepared to appoint your nominated person to control the trust in the event of your death.
If you own property in your personal name the property will pass to your estate upon your death, except if you own it as joint tenants with another person. If you are not sure how your property is held (tenants in common or as joint tenants) this could mean that your estate plan will not be carried out in accordance with your wishes. It is a good time to talk to our property lawyers to ensure any of your property is registered in the correct names and tenancy to give effect to your estate plan
What will happen to your superannuation, including if it is in the pension phase, on your death? You should review your pension documents and check that your binding death nomination is up to date to ensure that your superannuation goes to your intended beneficiaries. If you have a self-managed super fund, you also need to review the fund documents to determine who will be in control of the fund in the event of your death.
What’s your plan while in isolation?
During this time, it is important that you review and ensure your estate plan reflects your current wishes and intentions. Having your legal affairs up to date will ensure your nominated attorney/s can make decisions on your behalf if you are incapacitated due to illness and your estate plan is carried out in accordance with your wishes. Now is the time to talk to an estates lawyer about your options.
Our expert lawyers can assist you to review your estate plan, including your family trust and superannuation documents to ensure that your estate plan is up to date and reflects your wishes. We can be contacted on 07 3808 7777 or send us an email at firstname.lastname@example.org.