There are a number of important issues that are covered by estate planning. More than just ensuring you have the necessary documents in place, it includes structuring your affairs to maximise the benefit available to yourself and your beneficiaries, while minimising any adverse ramifications such as unexpected tax liabilities.
The solicitors at Cameron Legal have the cumulative experience to assist you in all facets of estate planning. They will take the time to understand your personal situation and advise you on the options available to you. We have a wealth of experience to assist in creating an estate plan that provides a suitable balance between enjoyment of property and income during your lifetime, and the creation and preservation of capital for your family or other beneficiaries upon your death.
Contact us today to discuss the services we can provide.
A Will is a written document that determines how an individual wants their personal property to be distributed after they die. It allows a person to nominate one or more people to act as the Executor of their estate to ensure property is divided amongst the named beneficiaries in accordance with their wishes.
There are a number of formal requirements for a Will to be valid. These include that it is written, is signed by the person making it, and is witnessed by two independent persons who are not mentioned in the Will or entitled to benefit under the Will.
Making and updating your Will is important, particularly if your circumstances have changed by marriage, divorce, or the birth of children. If you do not have a valid Will at the time of your death there are statutory provisions which dictate how your estate is to be distributed.
The solicitors at Cameron Legal have extensive experience in drafting a range of simple and complex Wills. They will take the time to listen to your wishes and ensure that the document reflects exactly how you want your estate distributed. Contact us to draft your Will today.
Power of Attorney
A Power of Attorney allows you to authorise one or more people to make financial decisions on your behalf whilst you are alive. The appointment usually becomes effective immediately from when it is signed by each party, and remains valid for the time specified or until you revoke the appointment. Even though you have appointed an attorney, you can still personally carry out any transactions, such as banking and the sale of property, while you retain the ability to do so.
The scope of the appointment can be limited to specific actions and time frames, or broadly cover all of your affairs. A general power of attorney continues for a specified period. The duration may be set for a particular period of time, for example a period while you are ill or while you are overseas. This appointment will legally cease to operate if you lose the capacity to make your own decisions. If you want the authority you give to the attorney to continue even if you lose capacity you will need to grant an enduring power of attorney.
The role of an attorney is fiduciary in nature, which means that your attorney will be required to act in your best interest. This means they can not confer gifts or benefits on others, including themselves, unless you have allowed them to do so.
Any lawful action taken by the attorney under the power of attorney is binding on you. It is therefore important to appoint someone you can trust.
Contact the solicitors at Cameron Legal about drafting a Power of Attorney today.
Appointment of an Enduring Guardian
An enduring guardian is one or more persons you appoint to make health and lifestyle decisions on your behalf. The role takes effect only in the situation that you lack the capacity to make these types of decisions for yourself.
You can determine what type of decisions your enduring guardians can make, how those decisions will be made, and who will make them for you. This document essentially gives you a voice when you don’t have one, dictating how you would proceed if you were able to choose.
Although this appointment is not activated until you lack capacity to make medical and lifestyle decisions for yourself, you need to have capacity at the time that you appoint your guardian. Your guardian should be someone whom you trust will act both in accordance with your wishes and
in your best interests. The guardian will always be required to act within the bounds of the law, so you cannot give them a direction which would involve an unlawful act.
The solicitors at Cameron Legal have extensive experience in drafting these documents. They will take the time to ensure that your document is tailored to your own personal wishes and that all guardians understand their role and responsibilities.
Advanced Care Directives
This document informs your family and care givers of your wishes in regard to the provision of specific types of treatments if you are in the terminal stages of an illness or condition.