You're working hard and accumulating wealth. What will happen to your assets when something happens to you?
Death is one of the very few things that are certain in life. As we do not know exactly when we are going to die, it is very important to be prepared, especially if you have loved ones you with to provide for.
At Bambrick Legal, we can assist you in all manners related to estate planning. With our team of highly skilled and experienced solicitors, we will help you plan what will happen to your assets when you die. We can help you develop strategies to deal with all your personal and business assets.
The Importance of Having a Will
If you own property or have control over property, you should have a Will. A Will is an important legal document that helps ensure that the right people will be provided for in the event of your untimely demise. It also helps ensure that your assets are distributed according to your wishes. By having a Will, you are able to have a say about who will receive your hard-earned assets.
Failing to draw up a Will prior to your death can cause your heirs or loved ones a few problems. For starters, it may be difficult and expensive for your family to deal with your estate. Second, it gives you no control over what happens to your assets. As a result, it may be possible for your former spouses and distant or estranged relatives to make a claim against your estate, even if you do not intend to bequeath anything to them upon your death.
Another disadvantage of having no will is that a Court will determine who is to become the administrator of your estate and who gets to share in your assets. This means that there is a risk that the Court may choose the Public Trustee or maybe even someone you owe money to, to administer your properties.
Powers of Attorney and Advanced Care Directive
Under an Enduring Power of Attorney (EPOA) you appoint one or more people to be your attorney to make financial decisions on your behalf when you have lost capacity (either permanent or temporary). You can direct your attorney(s) to make those decisions either solely or jointly.
Under an Advance Care Directive, you appoint one or more people to be you substitute decision maker (SDM) in the event that you have lost capacity. You can direct your SDM(s) to make decisions about where you want to live, refusals of health care, dying wishes and any other personal arrangements you may want.
If you would like to know more, please contact one of our friendly staff at Bambrick Legal today:
- Call us on 08 8362 5269
- Email [email protected]
- Fill in our enquiry form here
- Visit our office at Suite 12, 15 Fullarton Road, Kent Town SA 5067
CONTACT US NOW FOR YOUR FREE NO OBLIGATION 30 MINUTE CONSULTATION!
Want to know more?
Watch Suzi Cengarle speaking with Meier Paul Real Estate on Estate Planning, the role of Executor and Probate, Wills, Power of Attorney and Advanced Care Directive.