A Will is the most important document you may sign.
Your Will gives you the power to determine the distribution of your estate upon your death and the comfort of knowing your assets of financial and sentimental value will be managed according to your wishes.Â
THE VALUE OF A WILL
By virtue of intestacy provisions, your estate will otherwise be distributed using a legislative formulae that is applied regardless of your personal situation, creating additional costs, delays and unwanted outcomes.
In general, a legally drafted Will presents your wishes and grants you the opportunity to pass on your assets to chosen beneficiaries. What we offer at McNally Jones Staff are well-constructed Wills which not only secure your wishes, but also ensure your estate will be distributed with certainty to your chosen beneficiaries in a smooth and efficient process.
While tempting to put off, we can show you that creating a Will is not as difficult as you may think.
CREATING A WILL WITH US
UPDATING WILLS
A Will reflects your wishes at a point in time. We advise that your Will be reviewed every four to six years unless there are significant changes to your circumstances in the meantime. As an example, if you subsequently get married, this will revoke a previously made Will. Furthermore, if you subsequently get divorced, any benefit given to your former spouse, or appointment of your former spouse as Executor, will be revoked unless stated otherwise. These issue would need to be addressed in a new Will.
RIGHTS OF BENEFICIARIES
If you omit any member of your direct family, or omit someone who was dependant upon you, as a beneficiary, that person may apply to the Supreme Court to make a family provision claim on your estate. The family provision legislation allows for an eligible person to challenge a testator’s Will if they believe they should receive part of, or, all of a deceased’s estate. Our lawyers will assist in determining whether a particular person is an eligible person or not, and if so, provide further guidance on steps that may be taken.
POWER OF ATTORNEY & ENDURING GUARDIANSHIP
McNally Jones Staff offer Enduring Powers of Attorney, General Powers of Attorney and Enduring Guardianships. We ensure that our clients have complete knowledge and understanding of the functions and purposes under these documents so that their wishes can be best served.
Power of Attorney
Under the Powers of Attorney Act 2003 (NSW), an Enduring Power of Attorney enables an adult who has legal capacity (the donor) to appoint a person or agency to make property and financial decisions on their behalf, including but not limited to any decisions relating to money, bank accounts, shares and real estate.
This differs from a General Power of Attorney, as the Enduring Power of Attorney continues to operate after the donor loses legal capacity (mental capacity). A General Power of Attorney is only valid while the donor has legal capacity (mental capacity).
Enduring Guardianship
Under the Guardianship Act 1987 (NSW), an Enduring Guardianship allows an appointed person to make personal decisions related to lifestyle and medical treatment on your behalf. The Enduring Power of Attorney does not allow this appointed person to make lifestyle or health decisions.
As a requirement under the Powers of Attorney Act 2003 (NSW) and the Guardianship Act 1987 (NSW), individuals must have their Power of Attorney and Enduring Guardianship documents witnessed by a solicitor.
Please contact us for further information if you are interested in granting a Power of Attorney and/or an Enduring Guardianship.
