Importance of Estate Planning

Estate Planning at Sydney Wills Lawyers, is an area of our lawyers expertise! See below the services we offer, including Powers of Attorney, Wills, Guardianships and Asset Protection.

Many elderly relatives rely on their families in old age. At Sydney Wills Lawyers we can help advise you on a number of relevant legal matters, including Powers of Attorney, Wills, Guardianships and Asset Protection  and the important role these can play in your life and the life of your family.

A Power of Attorney is a legal document, appointing an “Attorney” to make financial decisions on your behalf. It can be written so that the Attorney’s powers are quite limited, such as acting for you in the sale, or purchase of property. Alternatively, a Power of Attorney can be written, so that the Attorney’s powers are quite broad and allow the Attorney to make wide financial decisions on your behalf. One important form of a Power of Attorney as you get older is, an Enduring Power of Attorney.  An Enduring Power of Attorney appoints an Attorney to act for you, when you are unable to make financial decisions, such as suffering from dementia.

Your Will sets out how you want your assets to be dealt with after your death and appoints a person, or persons as “Executor”, to administer your Estate, including paying debts and transferring assets, to beneficiaries named in your Will. As you get older it is important to update your Will, ensuring that the Executor’s named in your Will, are still capable of acting as Executors and that the details of beneficiaries are up to date.

If you do not have a Will you should arrange an appointment with an expert Wills and Estate lawyer, to draft your Will. This will negate the need for your family, having to deal with your Estate, under the Intestacy Rules. These are legislative rules, setting out how a person’s assets are to be distributed in the event they die without leaving a Will.

Another matter that may become relevant as you get older is, Trusts and Asset Protection concerns. These may arise as a result of your children going through a divorce, or separation from the increase in blended families, or from the need to protect family members who are not able to look after themselves. Trusts and Asset protection advice, can assist you to put in place measures to protect those you love and their inheritance.

Graeme Heckenberg is an expert Wills & Estates lawyer and will be able to guide and advise you on Powers of Attorney, Wills and Asset Protection. Call today for an appointment on 9221 2779. Offices are close to all public transport in Sydney CBD.