Wills & Estate Planning
How can Bakers Lawyers assist you?
Preparation of wills
Powers of Attorney both general and enduring
Advanced Health Directives
Estate administration including probate and letters of administration grants
Estate planning and business succession planning
Estate planning is all about arranging your financial affairs to achieve the most effective use of your assets so that your beneficiaries receive their share of the estate exactly as you intend.
Everyone has different financial circumstances and so it is important that your financial affairs are given proper consideration. Factors such as income and capital gains tax, superannuation, business structures, social security entitlements and funding for retirement are all properly taken into account.
Bakers Lawyers work together with your accountants and financial planners to establish the most effective estate plan that will meet your future financial needs.
One of the most important tools in proper estate planning is a carefully drafted will which should ensure that all of your assets are properly provided for.
If you are over 18 years of age you should have a Will which clearly sets out how your assets are to be distributed to your family and friends after your death.
Considerations when preparing your Will:
Who is to be your executor/trustee?
Who is to be guardian of your children?
What assets and liabilities do you have?
Do you have a company or a trust?
Are there any tax consequences?
Who should receive your estate?
You should review your Will as your circumstances change and ensure it is properly executed. Make relevant people aware of the location of your Will and ensure you keep proper records of all your affairs.
Power of Attorney
A Power of Attorney is simply a document by which a person (“Principle”) appoints another (“Attorney”) to legally do anything the principal could ordinarily do.
An Enduring Power of Attorney is vital to ensure your affairs can be properly managed throughout your life. Unlike a General Power of Attorney, an Enduring Power of Attorney is intended to be effective even if you become incapable of managing your affairs because of an accident or mental illness.
You cannot grant a Power of Attorney if you are legally incapable of doing so at the time. Therefore it is vital to make provision for this today, whilst legally competent.
Advance Health Directive
You may also, under an Advance Health Directive, appoint an Attorney for health matters. An Advance Health Directive only comes into force and effect when you have lost the capacity to make decisions. Under this form, you can give directions about your medical treatment that may be required in the future if you become seriously ill. For example, the treatment could prolong life but what level of quality of life would be acceptable to you? This document must be completed in part by your doctor.
Feel free to contact Bakers Lawyers on (07) 5443 5666 to confidentially discuss any queries you may have. We can visit you to arrange for signing of documents.