reception@cgmsols.com
(03) 9439 9535
CAREW GARTLAN
McCLELLAND
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reception@cgmsols.com
(03) 9439 9535
Creating a Will is an essential part of estate planning, as it outlines how assets in your name will be distributed. Without a Will, the distribution of assets will be determined by state law, which may not align with your individual wishes.
However, some of your assets cannot be controlled by your will! We will arrange not just the Will assets but all of your assets to allow you to control your finances effectively and reduce probate costs where practical.
Although your Will can contain provisions such as where you are to be buried or scattered, the Will is often looked at after the funeral. If you have specific instructions regarding this, we can help you put your wishes into writing and give it to family and those you trust to take care of it.
An Executor is appointed to administer your Estate. Once the Executor has collected your assets, they are known as a Trustee.
Your can appoint multiple person(s) to be your Executor which would require all person(s) to approve decisions to be made within the scope of their power.
It is also crucial you consider a substitute to be your Executor if your initial appointment is unable to act.
It is important we are aware of all kinds of assets in your name including assets you hold jointly with others.
Assets can include but are not limited to property, bank accounts, shares, interests, life insurance and personal items.
You must also consider the types of debts you own such as mortgages, loans, guarantee to another’s debt etc.
We will guide you in your appointment
Although your Superannuation is not dealt with under your Will, it is important to review how your super is to be paid once you pass.
If you would like it to be dealt together with your Estate, it may be wise for you to make a Binding Death Nomination (‘BDN’) to your Estate ensuring it is included in your asset pool when distributing your Estate.
We can help you contact your Superfund and organise relevant document.
Gifts can be left to individuals or charities under your Will.
You must also consider what age your beneficiary can claim their gift. For instance a common solution to providing gifts to younger children is by holding them on trust till they are an adequate age to use it.
You may also consider whether you wish the gift to be used for a specific purpose or whether the beneficiary is free to choose how to use it.
A Power of Attorney (Financial) document allows you to appoint an Attorney or Attorneys to make decisions on your behalf, either commencing immediately or at a specified time (such as upon loss of capacity to manage your own affairs). These are very useful if you a person has lost capacity but can only be made while the person still has capacity.
The effect of granting an Enduring Power of Attorney (Financial) is that the Attorney can do almost anything that you yourself can do, for example, sell your house or withdraw money from your bank account. The word ‘Enduring’ refers to the power continuing in effect even when you have lost mental capacity.
There are two classes of decisions that your Attorney will be responsible for outlined below:
Includes paying expenses/bills, undertaking real estate transactions and more. These are similar to administrative powers
Includes decisions that relate to your lifestyle such as where you live and who you can visit. These are similar to guardianship powers.
POA documents are flexible and allow you to appoint a singular or multiple attorneys to make decisions on your behalf. When you appoint multiple attorney’s, you may require all attorneys to agree, allow the majority vote to be sufficient or let one person act on the power alone.
to discuss how we can draft a Power of Attorney that suits your needs and wants
The Appointment of Medical Treatment Decision Maker is governed by the Medical Treatment Planning and Decisions Act 2016.
The document appoints a person or persons to make decisions on your behalf regarding medical treatment if you do not have the capacity to do so. This can include difficult decisions such as turning off a life support machine. More than one person can be appointed as your Medical Treatment Decision Maker, but the first one listed would be the one whose opinion is sought if available. If they are not available, the second will be consulted, and so forth. Attorney’s cannot be listed jointly.
Appointing a Medical Treatment Decision Maker allows you to choose an individual who has similar values and ethics to make decisions on your behalf. In circumstances where a Medical Treatment Decision Maker is not appointed, there is a list of individuals who must be reasonably available and willing to make decisions on your behalf. It is important to consider who would be appointed by law if you have not already made this appointment.
Appointing a Medical Decision Maker allows you to choose an individual who has similar values and ethics to make decisions you would want.
Unlike an Enduring Power of Attorney, you can only appoint one institute Medical Decision Maker along with an alternate backup.
You have the ability to outline what specific decisions your Medical Decision Maker can make and what they do not have the capacity to make. We will outline the specific decisions that your appointed Medical Decision Maker will be responsible for.
When a Medical Decision Maker is not appointed, there is a list of individuals who must be reasonably available, are willing to make the decision and have a close continuing relationship with you. It is important to consider who would be appointed by law if an appointment is not made. We can help you navigate this.
to discuss how we can draft an Appointment of Medical Decision Maker that suits your needs and wants
CAREW GARTLAN
McCLELLAND