Wills & Estates

Frequently Asked Questions

• When Should I Consider Updating My Will?

  You should review your Will regularly. It may be that your circumstances have changed and your Will no longer suits your circumstances.

  It is recommended you consider updating or restructuring your Will in the following circumstances:

  Where there have been changes to your asset pool or the nature of your assets;

  • Changes to any of your intentions, or the need for sophisticated estate planning;
  • Significant changes in your financial situation which may impact on your will wishes, including acquiring and disposing of assets;
  • The individuals named in your will are now deceased, including executors, beneficiaries or guardians;
  • Entering into business arrangements or structures that may affect your financial situation;
  • Changes in your lifestyle, including health and retirement;
  • Changes in your family relationship structure, including: Marriage, Divorce, Defacto Relationship, Birth of a child, Adoption and Blended family scenarios.

  If you would like to discuss your, Will, Probate, Estate Planning or Contested Estate with one of our solicitors, please do not hesitate to contact our office on 1800 600 664, or send a message by completing the contact form.

  At Taylor & Scott, We Care For You.

• Power of Attorney And Enduring Power of Attorney

  A Power of Attorney is a legal document in which you appoint the person of your choice to manage your assets and financial affairs while you are alive.

  In some circumstances a Power of Attorney is used when you are travelling overseas and want to give your attorney access to your bank accounts to pay your bills or manage your finances or complete a property transaction.

  Usually an Enduring Power of Attorney is in place to protect you should you become unwell and are no longer able to manage your own financial affairs. This ensures it is effective after capacity to make decisions is lost.

  Making a Power of Attorney does not mean that you will lose control over your financial affairs while you have capacity. It simply gives your attorney formal authority to manage your financial affairs according to your instructions. Your Power of Attorney can be revoked at any time provided you have the capacity to do so.

  A Power of Attorney only deals with property and financial matters, and enables your attorney to sign legally binding documents on your behalf. It does not give someone the right to make decisions about your lifestyle, medical treatment or welfare. These decisions are covered by an Enduring Guardianship.

  It needs to be understood that a Power of Attorney ceases when you die, and the executor named in your Will will take over the responsibility of administering your estate.

  In order to make a valid Power of Attorney you must be 18 years or over and have sufficient capacity to understand the nature and effect of the appointment. This means that at the time of making your Power of Attorney you understand:

  • The authority your Power of Attorney will have and what sort of decisions they will be empowered to make;
  • When and how your attorney will have the authority to exercise their power;
  • The effect that your attorney’s actions could have on you, and;
  • What options are open to you to cancel or change your attorney’s appointment in the future.

  If you would like to discuss your Power Of Attorney, Will, Probate, Estate Planning or Contested Estate with one of our solicitors, please do not hesitate to contact our office on 1800 600 664, or send a message by completing the contact form.

  At Taylor & Scott, We Care For You.

• The Need For A Power Of Attorney Or Enduring Guardianship

  Most people may have a will, or at least recognise its importance, however a Will only has effect when you have passed away.

  An Enduring Power of Attorney and Enduring Guardianship are sometimes misunderstood documents. These documents allow for you to appoint someone who can manage your financial and lifestyle affairs while you are alive.

  Not many people expect to be unable to handle their own affairs however this can easily occur during one’s life time for various unexpected reasons, such as serious accident or health issues. For this reason many people feel comfort knowing that they have planned ahead and have the right legal documents in place just in case something does happen to them.

  Planning ahead involves picking a suitable person whom you trust to act as your attorney or guardian and talking to them to communicate your wishes for the future. The final stage is making a formal arrangement by drawing up the formal Enduring Power of Attorney or Enduring Guardian to give effect to your wishes.

  You need to consider whether you make formal arrangements in anticipation of the need, and whether your trusted friends and family could make the decisions you would want to make, if you lose capacity yourself or are unable to attend to matters personally due to travel or illness.

  For instance you will require formal arrangements for someone to act on your behalf if you lose capacity to access your bank accounts to pay bills.

  If you would like to discuss your Power Of Attorney, Will, Probate, Estate Planning or Contested Estate with one of our solicitors, please do not hesitate to contact our office on 1800 600 664, or send a message by completing the contact form.

  At Taylor & Scott “ We Care For You.”

• What Can Happen If I Don’t Have A Power Of Attorney?

  Should you no longer be able to manage your financial affairs and you do not have an Enduring Power of Attorney, the Guardianship Tribunal may be requested to appoint a financial manager to make these decisions for you.

  This involves a formal hearing where evidence will be heard to assess if you have lost legal capacity.

  If the Guardianship Tribunal decides that you need someone to make decisions about your finances and legal affairs, they will appoint a financial manager.

  The person or organisation appointed as your financial manager will not necessarily be one whom you would have chosen. This may be stressful for your family. By making an Enduring Power of Attorney, you are ensuring that the person or organisation you nominate to manage your financial affairs is there to look after you if ever the need should arise.

  If you would like to discuss your Power Of Attorney, Will, Probate, Estate Planning or Contested Estate with one of our solicitors, please do not hesitate to contact our office on 1800 600 664, or send a message by completing the contact form.

  At Taylor & Scott, We Care For You.

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