An enduring power of attorney is a document that allows you to appoint someone to make medical or financial decisions on your behalf. The document continues to have effect if you become incapacitated (ie you are unable to handle your own financial or medical matters).
It is recommended to have an enduring power of attorney as it allows you to choose someone you trust to manage your affairs. If you become incapacitated and don’t have an enduring power of attorney in place, an application will need to be made to the Victorian Civil and Administrative Tribunal (VCAT) to have an administrator appointed to handle your financial affairs on your behalf.
A will is a document setting out how your assets are to be distributed upon your death.
If you pass away without a valid will, your estate is distributed according to the Administration and Probate Act 1958. This is known as dying ‘intestate’.
It is important to ensure your original will is stored in a safe and secure place and your executor knows where it is. As a client of Keith R. Cameron Solicitors, we are able to store your will on your behalf.
A grant of probate is a legal document issued by the Supreme Court that gives a person (or people) the authority to deal with the estate of someone who has died. The application for a grant of probate can be complicated and we encourage you to seek legal assistance when preparing this application.
You can make a death binding nomination if you would like your superannuation to be paid out to certain individuals, or your estate, upon death. Who you can nominate is governed by superannuation laws, and is typically limited to legal representatives, spouses and dependents.
It is recommended that you revisit your will regularly to ensure it correctly reflects your current circumstances. You should also review you will when there are significant life changes such as marriage, divorce/separation, birth of a child or death/incapacity of a family member.
Under the Wills Act 1997, marriage will revoke a will unless that will expressly stated that it was made in contemplation of marriage. It is important that you review your will to reflect a change in relationship.
Following a divorce, any part of your will that mentions your former spouse will be invalid. The rest of the provisions will remain valid. If you are going through a separation, it is important to review and update your will to ensure your current intentions are clear.