SENIORS & AGED CARE FEATURE
The importance of estate planning
Planning for the future is often something we put off , but having a will and power of attorney in place is vital to ensure your wishes are respected and your loved ones are cared for . In Australia , these legal documents are essential for protecting your interests and minimising stress during difficult times .
A will is a legal document that sets out how your assets will be distributed after your death . Without one , you die “ intestate ,” meaning your estate is divided according to the laws of intestacy , which may not align with your wishes . This could result in unintended beneficiaries or disputes among family members . A welldrafted will provides clarity and ensures your assets , including property , savings , and personal belongings , are distributed as you desire .
Equally important is appointing an executor — the person responsible for carrying out the instructions in your will . Choosing someone trustworthy and capable of managing financial and administrative tasks is crucial . In addition , regular updates to your will are necessary to reflect changes in circumstances such as marriage , divorce , the birth of children , or acquiring new assets .
A power of attorney complements a will by providing authority for someone to make decisions on your behalf during your lifetime , particularly if you become incapacitated . In Australia , there are
different types of power of attorney , including general , enduring , and medical . An enduring power of attorney remains valid even if you lose the capacity to make decisions , making it especially important for long-term planning .
This legal document allows your appointed attorney to manage your financial affairs , including paying bills , managing investments , or selling property . A medical power of attorney grants authority to make decisions about your healthcare and medical treatment if you are unable to do so . Appointing someone you trust to act in your best interests is essential to ensure your preferences are respected .
Without a power of attorney , family members may face significant legal hurdles to gain authority over your affairs , which can be both costly and time-consuming . Having this in place offers peace of mind that your affairs will be handled smoothly in unforeseen circumstances .
Estate Planning Solutions ...
155 March Street Richmond N . S . W . 2753 Telephone : 4578 3005
Accredited Specialists Business Law
www . shaddick . com . au
ESTATE PLANNING IS IMPORTANT . WHY ?
... to ensure that your estate is preserved during your lifetime .
Seeking professional advice from a solicitor is highly recommended when drafting these documents . They can help ensure your will and power of attorney are legally binding and tailored to your specific needs . While it may seem like an uncomfortable topic , addressing these matters now can save your loved ones
... and ultimately passes to your beneficiaries .
• in the most tax effective manner
• with flexibility of management
• providing protection for loved ones who are vulnerable
GET WILL POWER !
• protect a child who is an addict
• protect a child who is disabled
• protect a child who is a spendthrift
• protect a child who may divorce
• protect a child who becomes bankrupt
• help your spouse qualify for a pension
• provide valuable tax minimisation for your family
• provide for future generations
• address awkward second marriage issues considerable stress and provide you with confidence that your future is secure . In Australia , making a will and appointing a power of attorney is not merely a practical step — it ’ s an act of care and responsibility for those you hold dear . Take the time to plan today to ensure peace of mind tomorrow .
Ever wondered ...
? Who will look after my affairs if I can ’ t ... ? Who will authorise my medical treatment if I get dementia ... ? What happens if my business partner dies ... ? How do I prevent conflict between my spouse and my children over my estate ... ? Who will get my superannuation death benefits when I die ... ? What is a binding death benefit nomination and why I would want one ... Ask Shaddicks !
ESTATE PLANNING TOOLS ASK US ABOUT :
• Enduring Powers of Attorney
• Appointments of Enduring Guardian
• Wills
• Testamentary Trusts
• Superannuation Binding Death Benefit Nominations ( Why allow the Trustee of your Super Fund to decide who gets your Super ?)
TESTAMENTARY TRUSTS
Testamentary Trusts are trusts created by a Will . They are an effective means of :
• providing flexibility for trustees and beneficiaries
• minimising tax
• preserving income for future generations
• protecting weak or vulnerable beneficiaries
AT SHADDICKS , WE HAVE THE SOLUTIONS !
THE HAWKESBURY INDEPENDENT theindependentmagazine . com . au HAPPY LUNAR NEW YEAR ! ISSUE 177 // FEBRUARY 2025 15