The 2020 global pandemic has shown us how fragile we all are and how quickly any of us can become unwell or need someone to look after our financial affairs or our medical needs.
Now is a perfect time to reflect upon your Estate planning and to consider:
- Do I now need to have a valid Will prepared?
- Is my current Will up to date and does it reflect my current circumstances?
- Do I have a valid enduring Financial Power of Attorney in place and if so does it need updating?
- Do I have a valid Medical Power of Attorney (now called a Medical Treatment Decision Maker document) in place and if so does it need updating?
- Where are all of my important papers kept and should I leave them for safe keeping at my solicitor’s office in their safe custody?
If you don’t have a valid Will then your estate will pass according to the current Victorian laws of intestacy and this may not reflect your testamentary wishes.
If you don’t have an Enduring Financial Power of Attorney in place or a Medical Treatment Decision Maker appointed and you become unwell (and do not have the capacity to make your own decisions) then your family will need to make an application through VCAT to have a guardian appointed for your financial and medical affairs. The costs of this is higher than having Powers of Attorney prepared by us.
We can assist you by meeting with you in person or by arranging an obligation free telephone or video conference to discuss your estate planning requirements and queries.
Please feel free to contact one of our Estate Planning lawyers to discuss your estate planning requirements including reviewing any current documents.