Death, Incapacity and What You Can Control about the Uncontrollable

The new financial year and inevitable pedantic drudgery of having to gather all your financial information together to complete a tax return often also serves as an uncomfortable reminder of other personal estate planning tasks that have not been attended to at all or have not been reviewed for far too long.

What in particular are we referring to? Wills and Enduring Powers of Attorney!
Does the mere mention of a Will and EPOA have you feeling like a dog that has found itself trapped in a visit to the vet, or alternatively like you have the world’s most boring assignment that you have to do but are trying to avoid??
Many people do not seriously consider doing a Will or Enduring Power of Attorney unless they actually sense the spectre of:
 a. actual possible death or incapacity; or
b. evil fractious greedy people/ ex-partner claiming their estate.
The above approach is problematic because firstly people may be left with no arrangements in place to manage their affairs and provide for family if an unexpected sudden event leaves them incapacitated or dead, and secondly because it is often stressful and difficult to make decisions regarding the terms of your Will and Enduring Power of Attorney when the situation is urgent because of serious illness, impending travel, or panic that your financial assets will be feasted upon by people you essentially regard as white-anting parasites.
People often avoid doing Wills and Enduring Powers of Attorney because it is uncomfortable and confronting to think about death or serious injury/incapacity happening to themselves or their loved ones.
In actual fact, Wills and Enduring Powers of Attorney are about empowering you to determine:
  1. who will be able to deal with your assets and liabilities in the event that you can’t;
  2. who will benefit from your assets and liabilities; and
  3. how your assets and liabilities must be managed and used.
Wills and Enduring Powers of Attorney are about exercising freedom of choice and the ability to determine how your assets and income can be used. They are as important as arranging sufficient insurance cover for yourself and your family – how useful is the insurance payout if you have no control over who will eventually benefit from the proceeds and how they can be used?
If you don’t have a Will and Enduring Power of Attorney then this is the situation you and your family could face.
A well planned Will and Enduring Power of Attorney are vital pieces of armoury for the lives of you and your family – if you have not got a Will or EPOA or have not reviewed your Will or EPOA for a few years then make the time now to get these jobs sorted.
An experienced solicitor will be able to advise you on the many options available regarding how to set up your Will and EPOA to best achieve your aims and reduce the risks of claims against your estate, and we generally find that most Wills and EPOAS can be drafted and finalised over a maximum to two appointments. Also, the professional fees for our firm and most other firms to draft Wills and EPOAS are fixed fee so not only will getting these planning tools sorted NOT take a great amount of your time but also they are affordable.
Contact us today to find out more about the best options for your Will and EPOA and protecting your family today.

 

 

 

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