What is Estate Planning?
Estate Planning is more than just drafting a Will. It’s about safeguarding your legacy and providing peace of mind for yourself and your loved ones. If you’re in Cobram or the surrounding areas, you’re in the right place to take control of your future. At Haven Legal, we have Estate Planning Lawyers who are skilled in creating Wills, Enduring Powers of Attorney, Medical Treatement Decision Maker documents. We can also assist with Deceased Estates, Probate and Letters of Administration services tailored to your unique needs.
When it comes to Estate Planning, we know that one size doesn’t fit all. Whether you have complex financial assets, multiple real estate properties, or simply want to ensure that your children are cared for, we can help create a comprehensive plan. We ensure a smooth transition, minimising stress for your family during a difficult time.
In Cobram and beyond, we are your go-to experts for a thorough, thoughtful approach to Estate Planning. Let us help you build a lasting legacy.
FAQ’s
Why do I need a Will?
This is a question many people ask, and the answer is straightforward: A Will gives you control over what happens to your assets, your loved ones, and even your own well-being in case you’re incapacitated. Without a Will, you’re leaving these important decisions to laws that might not align with your wishes. A well-crafted Will can help avoid family disputes, minimise taxes, and expedite the probate process, making things easier for those you leave behind. It’s not just about distributing your possessions; it’s about providing clear instructions, from guardianship of your children to the management of your Deceased Estate. In essence, having a Will puts you in the driver’s seat, ensuring that your legacy unfolds the way you intend it to.
Won't my spouse just inherit everything anyway?
Many people assume that their spouse will automatically inherit everything if they pass away. While spouses often receive a significant portion, the absence of a valid Will means state laws take over. These laws might not distribute your assets the way you intend, potentially leaving out important people or causes. Having a Will ensures that you dictate how your estate is handled, offering greater control and peace of mind for you and your loved ones.
How is superannuation treated in a Will?
In Australia, superannuation doesn’t automatically fall under your Will. Instead, your super fund’s trustee determines who receives these assets. To ensure your super goes to your chosen beneficiary, you can make a ‘binding death benefit nomination’ with your super fund. Without this, you risk the funds not being distributed according to your wishes. Consulting with Estate Planning lawyers can help align your superannuation with your broader estate objectives.
What is an Executor?
An executor is the person you appoint in your Will to manage your estate after you pass away. Their responsibilities include paying off debts, distributing assets as outlined in your Will, and navigating the probate process. The role demands trustworthiness and organizational skills, as executors play a critical role in ensuring that your wishes are carried out accurately and efficiently. Choose wisely—it’s a vital part of your Estate Plan.
Who can contest a Will in Victoria?
In Victoria, not everyone has the legal right to contest a Will. Generally, only close family members like spouses, children, and sometimes grandchildren, as well as individuals who were financially dependent on the deceased, can challenge a Will.
Enduring Power of Attorney
In Victoria, an Enduring Power of Attorney is a powerful legal document that allows you to appoint a trusted individual to manage your financial and legal affairs should you become incapacitated or unable to make decisions for yourself. Unlike a General Power of Attorney, which ceases to be effective if you lose mental capacity, an Enduring Power of Attorney continues to operate. This means your appointed attorney can make decisions for you even if you’re unable to understand or communicate your wishes.
Creating an Enduring Power of Attorney is a crucial aspect of Estate Planning in Victoria. It provides an additional layer of security and peace of mind, ensuring that someone you trust is in charge of your assets and legal matters when you can’t be. The appointment is highly flexible; you can specify the powers you wish to grant, place limitations, or even appoint multiple attorneys. To be valid, the document must be witnessed by authorised individuals, including legal practitioners.
Medical Treatment Decision Maker
In Victoria, a Medical Treatment Decision Maker is a legally appointed individual responsible for making healthcare decisions on your behalf if you’re unable to do so yourself. This role comes into play if you lose the mental capacity to make informed medical choices due to illness, injury, or cognitive decline. The person you appoint has the authority to consent to or refuse medical treatments, based on what they believe you would have wanted.
Appointing a Medical Treatment Decision Maker is an essential part of holistic Estate Planning in Victoria. It ensures that your healthcare wishes are respected and followed, even when you can’t articulate them yourself. Your chosen decision maker should be someone you trust implicitly, who understands your values and medical preferences. The appointment must be made through a formal legal process, involving specific forms and witnessing requirements, to be legally valid. This step offers you reassurance that you’re in capable hands during critical moments.
For experienced and dedicated lawyers in Cobram and Northern Victoria, call Haven Legal Cobram today.
We strive to deliver outstanding legal services that exceed your expectations and provide you with complete peace of mind.
