Wills, Probate & Estate Administration

Your will and power of attorney

Your will is one of the most important legal documents you will ever sign.

It is the only way, on your death, to direct who is to take charge of your affairs and to ensure your assets will be distributed to the beneficiaries you choose in the way you want.

Should you die without a Will (intestate) your estate may be divided according to a Government formula ¿ a formula that may not reflect your wishes and which may cause undue hardship, cost and delay for your family. In situations where you have no living relatives closer than cousins, your estate will go to the State Government.

A Will is particularly important to update after marriage, divorce or if you are living in a de facto relationship. Others can also make a claim to your estate if not adequately provided for under a Will.

Will making is a highly specialised task, with complex financial, legal and tax implications that need to be considered to ensure that your estate is distributed as you wish.

Your Will is probably the most important document you will ever sign, so it's vital that you have it prepared by an expert. Here at Barwick Boitano Lawyers we have wills and documents in our safety deposit that date back to 1891 we have had extensive experience in will drafting and estate planning. We are assisted and supported by accountants, taxation and investment professionals in the Parramatta area who are available to assist with the most complex of estate planning.

DEFINITIONS:

• the person who makes the will is called the TESTATOR.
• who is the person who represents you after your death is called the EXECUTOR.
• The executor applies to the NSW Supreme Court for PROBATE which allows them to deal with the assets in the estate.

POWERS OF ATTORNEY

You may also need to consider creating a Power of Attorney. This provides for the future administration of your affairs should you become mentally incapable or if you were severely injured in an accident.

A Power of Attorney is a legal document that provides another person with the legal authority to act on your behalf and manage your assets and financial affairs.

There are many reasons to consider such assistance:

• you may wish to be free of the day to day demands of financial paperwork and record keeping;
• you may be going abroad and not want to deal with these affairs directly while you're away;
• you may not wish to burden a family member or friend with the responsibility of looking after these affairs;
• or you may simply find the demands of financial management have become too much for you to handle on your own.

You may also want to set up a Testamentary Trust under the terms of the will or establish an Enduring Guardianship which would allow the nomination of a person to make lifestyle decisions for you if you become incapable of doing so yourself.

In creating any one or more of these documents, it is vital that you are fully informed as to the options available and the impact your decisions may have now and in the future. At Barwick Boitano Lawyers we can help you.

You should also consider reviewing your will and any other associated documents at least once every four or five years.

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