Planning for the future means thinking beyond just having a Will. Ensuring your financial and personal affairs are properly managed if you lose capacity is essential.
Kylie Pritchard recently presented at the Legalwise Seminars Wills and Estates Conference WA on Enduring Powers of Attorney (EPAs) and Enduring Powers of Guardianship (EPGs), sharing key insights to help individuals plan effectively. Here are some critical questions to consider:
???? Do you have a valid Will? – An attorney or administrator cannot make a Will for you, but they can apply to the Supreme Court for a statutory Will to be made if you lose capacity.
???? How is your property held? – If you become incapacitated, who will sign documents and manage your financial affairs?
???? Who do you trust to manage your finances? – Do you have an EPA in place, and have you appointed family, an independent professional, or the Public Trustee as your attorney? Have you appointed a substitute attorney to step in if your attorney/s cannot act?
???? What happens to your family trusts or a SMSF? – Does the trust deed allow an attorney to step into the trustee, guardian and/or appointor roles upon incapacity? Does your SMSF trust deed align with the SIS Act to allow a member’s LPR by way of an EPA to be appointed as trustee or director of the trustee company?
???? Have you considered medical decisions? – Do you have an EPG or Advance Health Directive in place so your wishes are clear?
???? Is your ex-partner still listed as an attorney or enduring guardian? – If you’re separating, consider revoking their appointment immediately.
???? Should you obtain a formal capacity assessment? – A clinical cognitive capacity assessment at the time of signing an EPA or EPG can help safeguard against disputes in the future.
Estate planning is about future-proofing your decisions and ensuring the right people are in place to act on your behalf.
If you need guidance, our team is here to help.
