Estate planning refers to the process of arranging and managing one’s assets and affairs to ensure their efficient distribution and protection upon death or incapacitation.
While it may be a difficult, it is an important discussion to have at any stage of your life regardless of your current age or state of health.
Estate planning ensures the protection of your assets and wishes after you pass on, while powers of attorney provide you with the comfort and certainty of knowing who will be able to make decisions on your behalf. The primary goals of estate planning are to provide for the wellbeing of your beneficiaries and to ensure that your wishes are carried out.
Key components of estate planning may include:
- Preparing a Last Will and Testament.
A Will is a legal document that outlines how your assets and possessions should be distributed upon your death. It also allows the appointment of an executor to manage your estate after your passing. - Appointing an Enduring Power of Attorney.
By preparing an Enduring Power of Attorney, you are appointing someone that you trust (the Attorney) to make financial and legal decisions on your behalf. Their powers can commence immediately, or at a time when you become incapacitated or cease to have decision-making capacity. It is important to note that an Enduring Power of Attorney only relates to decisions regarding financial, property and legal matters, and it does not grant authority over medical decisions. - Appointing a Medical Treatment Decision Maker.
By preparing an Appointment of a Medical Treatment Decision Maker, you are appointing someone to make medical and healthcare decisions on your behalf in circumstances where you are unable to make these decisions yourself. The role of the Decision Maker relates specifically to matters relating to your health and medical treatment, including issues such as surgery and end-of-life care. Within the document, you may express any particular wishes you have when it comes to your medical care to ensure that any decisions made on your behalf align with your preferences
Our team carefully prepares your documents in accordance with your instructions and in a manner which best protects your interests.
If this is something you’ve been meaning to turn your mind to, contact our office today for a consultation.
