Legal documents you should have at any time of your life.

LEGAL DOCUMENTS YOU SHOULD HAVE AT ANY TIME OF YOUR LIFE

A Will –

Why should I make a Will?

If you don’t make a Will then:

1. Your assets will be distributed according to the statutory order under the Succession Act. If you make a Will, you decide which of your assets are to be received by what beneficiary you name and in what proportion.
2. The person who is appointed as the administrator of your assets will be appointed by the Court. If you make a Will, you decide who will be your executor(s), that is who will administer your assets and account for the administration.
3. There will be additional legal costs in applying to the Court for an administrator.
4. You are unable to exclude a person who would be a beneficiary under the statutory order. If you make a Will, you can exclude a person who may be expected to be a beneficiary, for example, a child. You can sign a statutory declaration providing details of why you have not provided for that potential beneficiary.

In summary, if you don’t make a Will you have no control. If you make a Will, you have control.

A Power of Attorney –

Why should I execute a Power of Attorney?

If you don’t execute a Power of Attorney then:

1. If you lose capacity to make financial decisions and you have not appointed an attorney, someone, usually a close relative, will have to apply to the NSW Administrative and Civil Tribunal (‘NCAT’), to appoint him/her as the Financial Manager
2. The person appointed by NCAT may not be the person you would have appointed.
3. There will be delays in handling your financial affairs until NCAT appoints the financial manager.
4. There could be stress for anyone seeking to be appointed and, although lawyers are usually not allowed to represent someone at an NCAT hearing, the person seeking appointment may feel the need to pay for legal advice on the procedure.

If you execute a Power of Attorney then:

1. You have the control on who to appoint as your attorney/financial manager. You can appoint one or more attorneys and if one is not capable at the relevant time another person can be appointed by you as a substitute.
2. You can limit or expand on the powers of your attorney.
3. You can provide directions to your attorneys on how you want your finances to be invested and/or used.

Appointment of Guardian

Why should I appoint a guardian?

If you don’t appoint a Guardian then:

1. If you lose capacity to make lifestyle decisions and you have not appointed a guardian, someone, usually a close relative, will have to apply to the NSW Administrative and Civil Tribunal (‘NCAT’), to appoint him/her as the Guardian.
2. The person appointed by NCAT may not be the person you would have appointed.
3. There will be delays in handling decisions relating to lifestyle decisions until NCAT appoints the guardian.
4. There could be stress for anyone seeking to be appointed and, although lawyers are usually not allowed to represent someone at an NCAT hearing, the person seeking appointment may feel the need to pay for legal advice on the procedure.

If you appoint a guardian then:

1. You have the control on who to appoint as your guardian. You can appoint one or more guardians and if one is not capable at the relevant time another person can be appointed by you as a substitute.
2. You can limit or expand on the decisions your guardian can make.
3. You can provide directions to your guardians on what you want for your lifestyle (for example, going into a nursing home).

Advanced Care Directive

Why should I sign an Advanced Care Directive?

If you don’t sign an Advanced Care Directive then:

1. If you lose capacity to make health decisions and health treatment, a relative or doctor will make those decisions.
2. The decisions made by a relative or doctor on your behalf may not reflect your personal values on dying and personal values on health treatment.
3. No-one will know your wishes on health decisions and health treatment if you have not signed an Advanced Care Directive.
4. There may be delays in treatment if relatives argue about the treatment.
5. If you sign an Advanced Care Directive, you can provide comprehensive directions on many issues related to health decisions and health treatment.

INFORMATION

To make it easier for anyone who has to manage your financial affairs if you are incapacitated or your executor after your death, the following checklist is helpful:

3. A list of all your assets and liabilities, including:
   1. Superannuation member details;
   2. Bank account details;
   3. Share holding details;
   4. Life insurance details.
4. Passwords to your:
   1. Computer;
   2. Mobile phone;
   3. social media;
   4. other internet related services.
5. Names and details of relatives and friends
6. Names and details of organisations you belong to
7. Names and details of your lawyers and accountants
8. Details of providers to whom regular fees are paid, including Council, Water, Strata, electricity/gas; telephone; insurers.

If you have any questions on Wills, Powers of Attorney, Guardianship or an Advanced Care Directive, contact Kathy Chase of Pittwater Family Lawyers on (02) 9918 6565 or 0418 285 307 or send her an email at: info@pittwaterfamilylawyers.com.au Or pittwaterfamilylawyers@gmail.com