We know how important it is to you that your family and loved ones be taken care of if anything were to happen to you. You also do not want your loved ones to have the burden of trying to administer your estate without a Will. Our solicitors can assist you in drafting a Will that reflects your wishes as to who will receive your assets. We can also advise you on your options to best protect your assets, including how to avoid someone contesting your Will.
Our experienced team can prepare and execute Powers of Attorney and Appointments of Enduring Guardian ensuring your interests are protected when you need it most.
Your Family’s Future
At Lyon Legal & Conveyancing Services, we understand that everyone’s needs are unique. Whether you need a simple will or complex estate planning, our team of will and estate lawyers are here to provide porfessional advice. Recognised as some of the best lawyers, we ensure that your will is clear, legal and designed to protect your family’s future.
What is a Will?
• A will is a document that states what you wish to happen to your assets after you die and meets all the legal requirements to be legally enforceable.
• A simple will is a will that makes gifts in a very straightforward way.
• It will identify you as the will-maker with no ambiguity.
• It will name the person/s you want to be your executor, meaning the person who has to identify your assets and liabilities after you have died, and do what the law requires to transfer your assets to your beneficiaries. It should also name the person who is to be your executor if your first named executor passes away before you, or can no longer act in that role.
• It will unambiguously state who is to receive your assets when you die, that is your beneficiaries. It should name substitute beneficiaries meaning those who are to receive your assets if your first named beneficiaries die before you.
• It may state some conditions that the beneficiaries must meet before they receive their gifts, such as outliving you and reaching the age of 25 years.
• It may give your executor the power in the right circumstances to advance gifts to beneficiaries even if they haven’t yet reached the specified age. It can also give your executor the power to select assets from your estate to go towards a beneficiary’s share in the estate.
• It may state what kind of funeral you want.
• It may state your preference for the people you wish to be the guardians of any children you leave behind that are not 18 years old at the date of your death.
What are the Components of a Simple Will?
• There is only one component, and that is the will itself. It is just a bit of paper (or perhaps a video or audio file – not recommended!) that you can revoke at any time by destroying it or making a new one. Apart from making the will nothing else needs to be done about it until you die.
Why Would You Need a Simple Will?
• You need a will to ensure that when you die your assets go to the people you want to get them, rather than risking that they might end up with people you don’t want to have them.
• A simple will is suitable for you if your estate is not particularly large and would not justify the costs that will be incurred by your executor or beneficiaries if your will creates complex strategies.
• A simple will may be suitable if your beneficiaries are at minimal risk of losing what they receive from your will to creditors or in a divorce settlement.
• A simple will may be suitable if you do not have a blended family.
• A simple will may be suitable if you have no particular desire for your beneficiaries to receive their inheritance in a way that allows them to save tax on the income they earn on it.
A Power of Attorney What Is It?
• A power of attorney is a document by which you empower someone else to sign documents on your behalf during your lifetime. It is an “enduring” power of attorney if it includes a statement clarifying that the power of attorney can still be used even if you lose capacity through unsoundness of mind.
What are the Components of an Enduring Power of Attorney?
• The Power of Attorney document – is the document which the principal signs to say they are giving the power to sign documents to someone else, and laying out the conditions and limitations on which the power is to be used.
• The Principal – is the person who is giving someone else (the attorney) the power to sign documents.
• The Attorney – is the person who is receiving the power to sign documents on behalf of the principal.
• The Solicitor’s Certificate – is the part of the power of attorney document that must be signed by the witnessing solicitor confirming that he or she explained to the principal that the power will continue even if the principal loses capacity through unsoundness of mind.
• The Acceptances – is the part of the power of attorney document where the attorneys sign to acknowledge that they understand their responsibilities.
• Conditions and limitations – are specified in the power of attorney document stating such things as when the power begins, when the power ends, the purposes for which the power can be used, how many attorneys are required to sign and the like.
Why Would I Want to Make a Power of Attorney?
• You will want a power of attorney if you think there will ever be circumstances where you want someone else to be able to sign documents on your behalf.
• You may want to grant power of attorney if you know that documents will need to be signed by you while you are overseas or interstate.
• You most likely want a power of attorney so that your financial affairs can be managed in the event that you lose legal capacity through dementia or a stroke or an accident that leaves you brain-damaged or in a coma.
• You may wish to have a power of attorney to cover situations where due to frailty or immobility you want someone else to manage your financial affairs.
An Appointment of Enduring Guardians What Is It?
• An appointment of enduring guardians is a document by which you empower someone else to make healthcare and lifestyle decisions on your behalf if you are unable to manage your own affairs.
What are the Components of an Enduring Guardianship?
• The Appointment of Enduring Guardians document – is the document which the principal signs to say they are granting the power to make healthcare and lifestyle decisions to someone else and specifying the conditions and limitations on which the powers are to be used.
• The Principal – is the person who is giving someone else (the Guardian) the power to make their healthcare and lifestyle decisions.
• The Guardian – is the person who is receiving the power to make the health care and lifestyle decisions on behalf of the principal.
• The Solicitor’s Certificates – are the parts of the enduring guardianship document that must be signed by the witnessing solicitors confirming that they explained to the principal and the guardians the effect of the document.
• The Acceptances – are the parts of the enduring guardianship document where the guardians sign to acknowledge that that they will make the health care and lifestyle decisions for the principal if the principal loses the ability to manage their own affairs.
• Conditions and limitations – are specified in the enduring guardianship document stating such things as specific decisions you want made in certain circumstances, how many guardians are required to make decisions, etc.
Why Would I Want to Appoint Enduring Guardians?
You will want to make an appointment of enduring guardians so that if you are unable to manage your own affairs then they can:-
• decide where you live and the type of accommodation you will have;
• decide what healthcare you are to receive;
• consent to medical and dental treatment on your behalf;
• decide what personal services you receive.
For Trusted Solution
Book your free consultation with Lyon Legal & Conveyancing Services today! Connect with a consultant for professional legal guidance today. Plan with success, trust Lyon Legal for professional, Personalised legal solutions every step.
WHAT SETS US APART
Our professional team includes the best lawyers, specialised in family law, estate planning and property transfers.
We offer options in pricing for our estate planning packages. AfterPay is also available to assist you with payment options, so you know what to expect – no hidden surprises
Each client is unique, and we take the time to understand your situation and provide personalised legal advice.
Whether you are looking for the best family lawyers in Sydney, Melbourne, Perth or Brisbane, Lyon Legal is ready to help you.
