When people refer to “Estate Planning” a Will is the document that usually comes to mind. While a Will is extremely important, it is not the only document that is necessary to prepare when planning for your future.
A Will outlines what you would like to happen with your estate after your death and appoints an Executor to carry out those wishes.
So, what happens while you are still alive? What happens if you go overseas and need someone to pay your bills? What happens if you are in a car accident and need someone to make medical decisions for you, such as what medical treatment you would like to be provided with?
To ensure these questions are answered and there is no uncertainty as to your wishes, the preparation of an Enduring Power of Attorney and Enduring Guardianship Instrument is essential.
These documents allow you to appoint someone you trust to make financial decisions for your (your “Attorney”) and medical, health, or lifestyle decisions for you (your “Guardian”).
If you lose capacity, you no longer have the opportunity to prepare these documents, and therefore someone will be appointed on your behalf by the NSW Trustee and Guardian to make these decisions for you. However, you may not actually want this person to be making those decisions for you.
Rather than leaving these decisions out of your hands, in addition to preparing a Will, prepare an Enduring Power of Attorney and Enduring Guardianship Instrument.
At Frank Law we have a team who can assist and advise you regarding what to include in your Enduring Power of Attorney and Enduring Guardianship to meet your needs and desires.
This is not legal advice.