WILLS & ESTATE PLANNING
Have you considered what might happen to your family if you were to pass away?
While death is a topic most people would rather not think about, it is important to ensure your family are taken care of in the event of your death.
The simplest thing you can do to protect your loved ones is to prepare a Will.
A Will is a legally binding document which details your express wishes as to how your estate is to be distributed in the event of your death.
If you do not have a valid Will, your estate may instead be divided by the courts in accordance with the Administration Act (1903) WA and the Family Provision Act (1972) WA, in a way that you did not intend.
If you do have a Will, it is important that your Will is regularly updated to ensure it reflects your current wishes and changes in your circumstances.
You should consider updating your Will if, since the last time you reviewed your Will, any of the following have occurred:
You have divorced
You have remarried or formed a de-facto relationship with a new partner
Your family has expanded
Your children have had children of their own
You have children or step-children from more than one relationship
You have recently come into a significant sum of money
The size of your estate has increased or changed
By preparing a valid and up-to-date Will, you can be assured that your estate is distributed in accordance with your wishes and your loved ones looked after.
A testamentary trust is a trust that is established by a Will, which holds the estate on trust for the beneficiaries, even distributing income from the trust to your beneficiaries. It offers greater control as to how your estate is distributed.
This is often useful if you have young children or grandchildren as you can ensure they receive regular payments to assist with their education, living expenses or even for enjoyment and travel.
Enduring Powers of Attorney and Enduring Powers of Guardianship
An enduring power of attorney (EPA) is a legal document that appoints a trusted person or people to make financial decisions on your behalf in the event that you lose capacity due to mental illness or other serious medical conditions.
In contrast to an EPA, an enduring power of guardianship (EPG) appoints a trusted person or people to make personal, lifestyle and medical treatment decisions on your behalf.
The team at Hammond Legal are experienced in dealing with the difficult issues surrounding Wills and estate planning.
Hammond Legal can provide advice in relation to:
Probate and Letters of Administration
Enduring Powers of Attorney
Enduring Powers of Guardianship
Hammond Legal’s lawyers are mobile, will make home visits, hospital visits or meet at a place of your choosing.
Ensuring that you have a Will in place gives you ease of mind knowing that your family and loved ones will be looked after.