Things are dramatically changing so quickly with recent life events, as we never know what is around the corner and with the uncertainty, there may come a time to face the tough decisions to be made.

We have dealt with a few inquiries for preparing the Will during this period; it isn’t always easy to come to a decision; however, having an estate plan in place can certainly protect you and your loved ones. With the right advice and documents, you can feel safe and comfort if the worst happens, there is a plan arranged for your family.

To ensure the effective estate plan, there are three main documents to be done:

  • An enduring power of attorney
  • An enduring power of guardianship
  • A will

 

Let’s take look what each document can do for the plan;

Enduring Power of Attorney

  • This document allows you to appoint a trusted person to make decisions on your behalf relating to your property and finances
  • Whether to appoint your attorney to act immediately or in the event you lose legal capacity it is totally your decision.

Enduring Power of Guardianship

  • This document allows you to appoint/nominate a person to make decisions for you on health, security or life situation related in the event that you are unable to make yourself

 

  • Under the Guardianship and Administration Act, your spouse and other close family can make medical treatment decisions for you; however, the EPG is not just for the medical treatment issues as it includes decisions like where you will live and with whom etc.

A Will

Your Will is how you want your estate/assets to be distributed in the event of your death. There are few critical issues to be consider:

  • The Executors – The person to be in control of your estate, to manage your assets and hold funds in trust for beneficiaries.
  • Guardians of minor children – The person who makes parenting decisions for your kids if the unfortunate event occurs when both parents are no longer alive before the youngest child is 18. This also should be in consideration/includes if there are other members of the family under your guardianship.
  • Distribution of your estate/assets – Who to benefit from your estate, any family members who require more financial support for education, or there might be a beneficiary who requires some protection around their inheritance etc.

At Morrison Specter we understand this is a stressful time for you and your family. You can request an Estate Planning instruction by contact us, we will discuss with you of your needs and how we can best assist with you ; from preparing your documents, arrange for you to sign to store the originals in a safe place for you, we are here to work with you to get through this difficult period.