Based on the age bracket of clients for whom I prepare Wills and Powers of Attorney, it would seem that it is usually the older generation that takes active steps to ensure their affairs are in place in the event of their incapacity and eventual death.  However, in this day and age where the younger generation are today building assets in the way of property, business and other ventures at a much faster pace than their parents, it is absolutely essential that they too give serious consideration to ensuring their affairs are in place should the unexpected happen or when their circumstances change over time.

Regardless of age, it is highly recommended that consideration to the preparation of the documents explained below be given and to become aware of the potential consequences that may occur if you choose not to.

Wills And The Consequences Of Not Having One

A Will is a document that will ensure that the assets you have accumulated (your estate) are distributed in accordance with how you would like them to be divided upon your death rather than in accordance with the Rules of Intestacy where legislation determines what happens to your assets.    A Will also requires you to nominate a person or persons (known as Executor/s whom you entrust to carry out your wishes detailed in the Will.

When Your Will Needs to be Reviewed

There are a number of circumstances when an existing Will needs to be reviewed and at times redrawn including but not limited to:-

• The contemplation of Marriage
• Upon Marriage
• Separation and Divorce

For couples who hold property as joint tenants (where the property is automatically transferred to the remaining joint tenant), a problem occurs if they should pass within a very short period of each other if they do not have a Will or have not provided for alternative beneficiaries as there will be no direction as to whom they wish their estate to be left to.

Power of Attorney

A general Power of Attorney is a legal document whereby you can appoint a person or persons (your attorney) and give them legal power to make decisions and sign documentation on your behalf when you are not in a position to attend to your affairs due to ill health or because of absence.   It does not however allow your attorney to make decisions that relate to your personal and health matters.  A Power of Attorney can be revoked at any time.

Enduring Power of Attorney

An Enduring Power of Attorney is a document that needs more serious consideration as it relates to giving the person to whom you entrust the power to make decisions about your personal and health matters in addition to those granted by a General Power of Attorney, power which continues even if you lose capacity to make decisions yourself.  Generally speaking, an Enduring Power of Attorney can only be revoked by you if done so whilst you are still capable of understanding what you are doing and not incapacitated.  The main benefit of having an Enduring Power of Attorney is that it streamlines the procedure for assessment and care with the relevant authorities should the need arise for this scenario.

Each of these documents can be prepared individually or collectively in a relatively short period of time and at minimal cost, the benefit of which far outweighs the consequences that would eventuate if your future needs have not been considered and attended to in the manner recommended here.