At some time in our life, we all should make personal law decisions. Unfortunately, in many cases, these decisions have not been made.
The failure to make these decisions, usually leads to the creation of a lot of unnecessary problems for your loved ones. And, this usually happens when there is a lot of emotional trauma already occurring, and can involve a lot of time and money which could have been avoided by preparing ahead.
So What Are These Personal Law Decisions?
These are the decisions to create the following documents:
- A Will,
- An Enduring Power of Attorney, and
- The Appointment of Enduring Guardian.
Below, we detail what these documents are, and why they are so important.
It is a personal law document, also known as a Last Will and Testament, which is created by you, detailing how you would like your estate, comprised of your assets, to be distributed after you die. It also appoints the people you trust to look after your estate, until it is distributed in accordance with your wishes.
It is an important document as it is the only opportunity, with some exceptions, that you can dictate who you want your assets given to. You have worked hard all your life to accumulate your assets. Why shouldn’t you decide who is to get it after you have gone? That is why it is called a personal law document. It is personal to you.
Call Drake & Associates now for the right professional advice in drawing your Will to ensure your estate is left to the right people.
THE ENDURING POWER OF ATTORNEY
This is the document you create to appoint someone, or several people you trust, to make financial decisions for you. Usually it is used only if you are incapable of managing your affairs. You may have suffered a stroke, or be incapacitated for some other reason.
If it is to be effective it has to be enduring. This means that it will continue to operate whilst you are alive and you are unable to make decisions. It must be certified by a Solicitor.
The Enduring Power of Attorney is about who you appoint and it should only be someone you absolutely trust, to make financial decisions for you, when you are unable. We all hope to go to our grave with our wits about us, but, the harsh reality is; some of us don’t.
Call Drake & Associates now for the right professional advice in drawing and certifying your Power of Attorney so you are looked after by the right people, no matter what.
THE APPOINTMENT OF AN ENDURING GUARDIAN
This is the document you create to appoint the people you trust to make the decisions for you about your health and welfare whilst you are alive, when you cannot make the decisions. It must be certified by a Solicitor.
It is not about money. It is about giving the power to the person you trust to follow your directions, to decide such issues as where you live, what medical treatment you receive, and other personal health and welfare issues, when you are unable.
Like the Power of Attorney, you should only appoint someone you trust with this power. It could be a family member, or a very close friend, but, you must satisfy yourself that they understand what you want to happen to you, if you ever get to that stage where you are unable to make the decision yourself.
Call Drake & Associates now for the right professional advice in drawing and certifying your Appointment of Enduring Guardianship so your wishes are looked after by the right people, no matter what.
So, Why Create These Documents?
Making your Will is just plain common sense. It provides for the orderly distribution of what you leave, in accordance with your wishes. The failure to make a Will, means that you die intestate. This means, that your money is distributed in accordance with the distribution as prescribed by Legislation. You have no say in it, and someone you don’t want to get anything, might very well do so.
Also, it will cost more to finalise your estate, and even if it is given to those you want, they will get less because of the extra costs.
It is not impossible for your loved ones, to obtain a Financial Management Order, or, be appointed as your Guardian if you have not prepared an Enduring Power of Attorney, or Appointment of Enduring Guardian,
However, if they are forced to do this, it will usually be at a traumatic time, and will involve time and money on their behalf. Instead of focusing on your needs, they will be trudging to Doctors, the Tribunal and others to get the tools they need to look after you.
That is what these documents are, the tools for the people, you love and trust, to step in and take care of you, and make the decisions you would want made, if the unimaginable occurs.
Drake & Associates can advise you and prepare and arrange for all your personal law documents to be finalised. Why leave it to chance?