What you wish to do with your possessions (your “estate”) after you pass away is spelled out in a Will, which is a written document. It provides guidelines on how to accomplish this for the person or business distributing your property.
Anyone who is at least 19 years old and has the mental capacity to understand what they are doing can make a Will.
A minor can only create a Will if they:
Your estate consists of all the possessions you had at the time of your death, including money, investments, and savings.
Include the following in your Will:
You may also mention more topics, like:
If you are married or have children, you should make a Will immediately. The Public Trustee will manage the portion of your estate that goes to your children if you die without leaving a Will. This increases the difficulty and expense of giving your kids the care they need.
We have expertise working with Executors on all facets of estate administration. You have duties as an Executor, including keeping the estate in good condition, requesting that the Will be proved, paying the estate’s debts, and managing the distribution. There may possibly be some death benefits available. To find out more about your duties and privileges as an Executor, get in touch with us.
As part of your estate preparation, we advise establishing a Representation Agreement and/or a Power of Attorney. You can designate a trusted individual with a Power of Attorney that will take effect immediately or upon your incapacity to handle your financial affairs. A Power of Attorney is frequently created concurrently with a Will. In the absence of a Power of Attorney, obtaining the legal right to handle your financial affairs may involve an expensive application to the court in the event of incapacity. A court order designating someone as the “Committee” for a person’s estate and/or personal affairs is known as this.
Representation Agreements are usually created concurrently with Powers of Attorney to allow you to appoint a dependable individual (or individuals) to help you make healthcare decisions in the event that you are unable to do so on your own. A Power of Attorney does not grant the right to make medical decisions on your behalf. A Representation Agreement may provide someone with the power to decide on any number of important and minor health care issues involving your personal care. The regular management of your financial affairs may also be covered by a representation agreement.
The Agreement may specify your preferences for whether or not special steps should be taken when making choices about your care, and it may also provide the person instructions in this regard. When you are healthy, you should give creating a representation agreement some thought. In the event of your declining health, this Agreement will help those closest to you make decisions and instruct medical personnel.
For a consultation about your specific case and to find out your rights, get in touch with us.