Wills – Where ther's a Will...
You may be keeping a daily watch on the stock prices or regularly checking your local housing market, but when was the last time you thought about your will? Or considered whether you need to make a power of attorney?
At a time when our attention is gripped by the daily surges in our investment portfolios, it can be easy for other considerations, such as updating a will or appointing a power of attorney, to get pushed into the background.
Yet planning for future contingencies is just as important.
A will should be reviewed every five years or when a significant life event occurs – such as marriage, separation or divorce.
Other circumstances that can affect wills include the death of the executor or beneficiary under the will, a change in relationship, the birth or death of children and the acquisition or sale of assets bequeathed in a will.
Your lawyer can help make or update your will, ensuring beneficiaries are provided for (for example, through the creation of a trust), ensuring your wishes are clearly expressed and advising on circumstances where your will could be contested.
Similarly, your lawyer can provide advice on preparing a power of attorney, which authorises a trusted person to act for you when you are overseas, hospitalised or no longer capable of looking after your own affairs.
There are three main types of power of attorney – a general power of attorney, enduring power of attorney (financial) and an enduring power of attorney for medical treatment.
The Victorian Parliament’s Law Reform Committee will be conducting an inquiry into powers of attorney aimed at streamlining and simplifying the process to enable more people to plan for their financial, lifestyle and healthcare needs.
In the meantime, your lawyer can advise you on making or updating your will and whether a power of attorney can assist in your current circumstances and, if necessary, draft the appropriate legal documentation.
More information
See www.liv.asn.au/public/legalinfo/wills and www.parliament.vic.gov.au/lawreform/inquiries/Powers%20of%20Attorney.
From the LIV Bookshop: The Essential Guide to Will Making, by Kaufman & McNab, $125
Disclaimer:
The information in this newsletter is not intended to be a complete statement of the law relating to the issues raised. Accordingly, no person should rely on this information without first obtaining specific advice from Ms Eleanor Coates of Kenna Teasdale Lawyers, Melbourne. | 
